UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
The information set forth in the second paragraph of Item 8.01 is incorporated by reference herein.
Item 8.01. Other Events.
On June 1, 2022, Titan Pharmaceuticals, Inc. (the “Company”) implemented a plan to reduce expenses and conserve capital that included a company-wide reduction in salaries and a scale back of certain operating expenses. The cost-savings measures are being undertaken to enable the Company to maintain sufficient resources as it works with its advisors on potential strategic alternatives for maximizing shareholder value.
As part of the aforementioned plan, Marc Rubin, Executive Chairman, and Kate Beebe DeVarney, President and Chief Operating Officer, agreed to waive 40% of their base salaries for the next six months.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: June 2, 2022 | TITAN PHARMACEUTICALS, INC. | |
| By: | /s/ Kate Beebe DeVarney | |
| Name: Kate Beebe DeVarney, Ph.D. | ||
| Title: Chief Operating Officer and President | ||
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