On January 13, 2023, the Board of Directors (the “Board”) of SolarWindow Technologies, Inc. (the “Company”) determined that it is in the best interests of the Company to formally exit South Korea and dissolve its indirect, wholly owned, South Korean domiciled subsidiary, SolarWindow Asia Co., Ltd. (the “Korean Subsidiary”).
Effective as of the Company’s quarterly report of Form 10-Q for the three and nine months ended May 31, 2022, the Company recognized an impairment of the net asset value of all assets held by the Korean Subsidiary of $674,200.
The total investment by the Company into the Korean Subsidiary through May 31, 2022 was $1,894,000. The Company has not provided capital to the Korean Subsidiary since May 2, 2022.
Section 5 - Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(a) Appointment of Directors or Certain Officers.
On January 13, 2023, the Board elected Mr. Harmel S. Rayat to fill the vacancy created by the resignation of Mr. John Rhee (“Rhee”) and serve as a director of the Board. Mr. Rayat will serve in such position until his successor shall have been elected and qualified or his earlier resignation or removal. Most recently, Mr. Rayat served as a director of the Company from March 15, 2018, to October 1, 2020.
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