Gene One Notes
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- Date Submitted: 07/25/2010 09:53 PM
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Attention Senior Leadership Team:
I just returned from a Board meeting, and you'll all be pleased to know that we've gotten the go-ahead we need to proceed with the IPO. The Board agreed with us on all counts -- the three-year timetable, the 40% growth targets and the need to raise capital and develop new products. I'm very excited about this; I think the time is right and it's the right thing for Gene One.
That said, I realize that, collectively, we have zero experience with IPOs, so I think it's critical that we get ourselves a bit of an education about IPOs and begin outlining the steps we need to take as we move through this process. To that end, I've set up a two-day, off-site meeting that will give us time to determine what we need to do to realize this opportunity, as well as identify any challenges we might foresee.
I've attached the Executive Summary from the Board meeting. I'd like you all to take a look at it before the meeting. Generally, it's good to have a rep from our financial institution there, but I don't know if I'll be able to arrange it in time.
Hey Greg, do you have a minute? I checked into the SOA requirements and you're right: The Act requires an IPO Board to have at least one member with financial experience as CPA or CFO. Our Board doesn't have one. It also requires that the Board have three committees to represent auditing, compensation and nominating. To my knowledge, our Board doesn't have that either. If we have to recruit new Board members, it could take us a year just to find someone willing to come on now that the word is out about the IPO. I'm also concerned about this compensation shift from equity to cash. That might just force us to re-evaluate all of the Board contracts. How much do you think that will cost us? Have you brought any of this up to Don?
No, I haven't spoken to Don about it since the meeting. But I have ordered copies of the SOA, and have been researching the leadership requirements. I'm not sure I'm...
I just returned from a Board meeting, and you'll all be pleased to know that we've gotten the go-ahead we need to proceed with the IPO. The Board agreed with us on all counts -- the three-year timetable, the 40% growth targets and the need to raise capital and develop new products. I'm very excited about this; I think the time is right and it's the right thing for Gene One.
That said, I realize that, collectively, we have zero experience with IPOs, so I think it's critical that we get ourselves a bit of an education about IPOs and begin outlining the steps we need to take as we move through this process. To that end, I've set up a two-day, off-site meeting that will give us time to determine what we need to do to realize this opportunity, as well as identify any challenges we might foresee.
I've attached the Executive Summary from the Board meeting. I'd like you all to take a look at it before the meeting. Generally, it's good to have a rep from our financial institution there, but I don't know if I'll be able to arrange it in time.
Hey Greg, do you have a minute? I checked into the SOA requirements and you're right: The Act requires an IPO Board to have at least one member with financial experience as CPA or CFO. Our Board doesn't have one. It also requires that the Board have three committees to represent auditing, compensation and nominating. To my knowledge, our Board doesn't have that either. If we have to recruit new Board members, it could take us a year just to find someone willing to come on now that the word is out about the IPO. I'm also concerned about this compensation shift from equity to cash. That might just force us to re-evaluate all of the Board contracts. How much do you think that will cost us? Have you brought any of this up to Don?
No, I haven't spoken to Don about it since the meeting. But I have ordered copies of the SOA, and have been researching the leadership requirements. I'm not sure I'm...