In recent SEC filings impacting North Carolina companies:

  • CommScope CFO Olson announces retirement
  • vTv Therapeutics regains compliance with NASDAQ
  • Qorvo executives sold thousands of dollars of company stock

The details, as reported by North Carolina Business News Wire:

  • CommScope CFO Olson announces retirement

By Taylor Street

HICKORY – The chief financial officer of CommScope Inc., a leader in infrastructure solutions for communication networks, has announced his retirement, according to a filing with the Securities and Exchange Commission.

Mark Olson informed the company that he intends to retire effective March 31, 2018.

Olson will continue working with the Hickory-based company to assist in the search of the new chief financial officer.

Olson began his tenure as CFO in February 2012. Previously he was the vice president and controller of CommScope.

CommScope helps companies around the world design, build and manage both wired and wireless networks.

The network infrastructure provider currently has 25,000 employees with clients in over 130 countries.

  • vTv Therapeutics regains compliance with NASDAQ

By Olivia Schaber

HIGH POINT — Biopharmaceutical company vTv Therapeutics Inc. has regained compliance with NASDAQ and is no longer under threat of being delisted as of Sept. 14, according to a filing with the Securities and Exchange Commission.

The market value of vTv Therapeutics has been above $50 million for 10 consecutive days.

The company received a letter in June that the stock had 180 calendar days or until Dec. 26 to regain compliance because the market value of listed securities had been below $50 million for 30 consecutive days.

According to the filing, based on the closing trading price of Class A common stock on Sept. 14, the company’s total market capitalization was $176.2 million, allowing for the full exchange of Class B common stock and vTv LLC units for shares of Class A common stock.

The company announced a partnership this month with JDRF, a charity dedicated to funding type 1 diabetes, to fund a study on a drug therapy to target diabetes.

JDRF is giving vTv Therapeutics $3 million for the phase 2 study of the drug called TTP399. VTV will match this $3 million.

vTv Therapeutics, formerly TransTech Pharma, went public in 2015.

  • Qorvo executives sold thousands of dollars of company stock

By Olivia Schaber

GREENSBORO — Two executives of Qorvo Inc., a semiconductor company, sold thousands of dollars of company stock on Friday, according to two filings with the Securities and Exchange Commission.

Robert Bruggeworth, the president and chief executive officer of Qorvo, sold 5,000 shares at $73.37 a share, for a total value of $366,850. Bruggeworth now owns 202,344 shares of Qorvo stock worth more than $14.8 million.

Steven Creviston, the vice president and president of mobile products, sold 6,000 shares at $73.37, for a total value of $440,220. Creviston now owns 106,725 shares worth more than $7.8 million.

Qorvo designs, manufactures and supplies radio-frequency systems use in smartphones and wireless infrastructure, as well as foundry services. The company was created in 2015 with the merger of TriQuint Semiconductor and RF Micro Devices.

The company notified employees Monday that it will begin a “targeted workforce reduction” program to help improve cost structure, according to the Triad Business Journal.

Brent Dietz, the company spokesperson, told the Business Journal that the reduction plans are a “normal process” and “not in response to any particular event.”

Bruggeworth has been president and chief executive officer since the founding of Qorvo in 2015. Formerly, he was the president and chief executive officer of RF Micro Devices since 2002 and worked for the company since 1999.

Creviston has been the vice president and president of mobile products since 2015. Previously, he was the president of cellular products at RF Micro Devices since 2004.