Flux Power Holdings Inc. of Vista said that it appointed Timothy Collins as executive chairman of the board.
Flux (OTCQB: FLUX) develops and markets advanced lithium-ion batteries.
Collins is a clean-tech entrepreneur and banker. He is co-founder, chairman and president of KleenSpeed Technologies Inc., which also works in lithium-ion energy storage. Flux Power signed a nonbinding letter of intent to acquire KleenSpeed in June, and is still conducting due diligence. Collins has recused himself from the board’s decision in the matter.
In conjunction with his appointment as chairman, Flux has granted Collins 100,000 shares of restricted Flux Power common stock as well as an incentive grant of options to purchase 1 million shares of Flux Power stock at 31 cents per share. The options vest quarterly over two years from their date of grant.
Flux Power stock closed on March 20 at 40 cents per share.
Also on March 19, Flux named CEO Ron Dutt to its board.