Novo Integrated Sciences, Inc. Announces Management Appointments
May 06, 2021 at 02:05 pm EDT
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Novo Integrated Sciences, Inc. announced that the Board of Directors formed a Compensation Committee and named each of Alex Flesias, Robert Oliva and Michael Gaynor to serve as members thereof. Mr. Oliva will serve as Chair of the Compensation Committee. Upon initially listing with the Nasdaq Capital Market (“Nasdaq”), Novo qualified as a “controlled company” because more than 50% of the voting power for the election of directors was held indirectly by Robert Mattacchione, Novo’s Chief Executive Officer. Subsequent to Novo’s registered direct offering that closed on April 13, 2021, Novo ceased to be a controlled company as Mr. Mattacchione no longer owned 50% or more of Novo’s voting power. The Nasdaq rules provide, among other things, that a company that has ceased to be a controlled company is permitted to phase-in its independent nominating and compensation committees as follows: one member must satisfy the independence requirement at the time the company ceases to be a controlled company; a majority of members must satisfy the independence requirement within 90 days of the company ceasing to be a controlled company; and all members must satisfy the independence requirement within one year of the company ceasing to be a controlled company. Messrs. Flesias and Oliva qualify as independent directors. Mr. Gaynor is not an independent director. In order to comply with Nasdaq rules, Novo expects to replace Mr. Gaynor as a member of the Compensation Committee with an independent director within one year of Novo ceasing to be a controlled company. The Board formed a Nominating and Corporate Governance Committee and named each of Alex Flesias, Robert Oliva and Christopher David to serve as members thereof. Mr. Flesias will serve as Chair of the Nominating and Corporate Governance Committee. Flesias and Oliva qualify as independent directors. Mr. David is not an independent director. In order to comply with Nasdaq rules, Novo expects to replace Mr. David as a member of the Nominating and Corporate Governance Committee with an independent director within one year of Novo ceasing to be a controlled company.
Novo Integrated Sciences, Inc. is a parent company to its subsidiaries. The Company owns Canadian and United States subsidiaries that provide, or intend to provide, essential and differentiated solutions to the delivery of multidisciplinary primary care and related wellness products through the integration of medical technology, interconnectivity, advanced therapeutic, diagnostic solutions, personalized product offerings, and rehabilitative science. The Company operates through two segments: Healthcare Services and Product Sales. Its specialized multidisciplinary primary healthcare services include physiotherapy, chiropractic care, manual/manipulative therapy, occupational therapy, eldercare, massage therapy, acupuncture and functional dry needling, chiropody, stroke and traumatic brain injury/neurological rehabilitation, kinesiology, vestibular therapy, dietician and others. Its subsidiaries include Novo Healthnet Limited, Novomerica Health Group, Inc., PRO-DIP, LLC and others.
NOVO INTEGRATED SCIENCES, INC. 
