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Note 16 - Subsequent Events | 3 Months Ended
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Mar. 31, 2022
Notes to Financial Statements |
Subsequent Events [Text Block] | (16) Subsequent Events Resignation and Appointment of Chief Financial Officer On March 31, 2022, Eric Stober informed the Company of his resignation from his positions as the Company’s Secretary, Treasurer and Chief Financial Officer, effective April 15, 2022. Mr. Stober’s resignation is not in connection with any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. On April 5, 2022, the Company appointed Jaime Hinojosa, 40, as Chief Financial Officer, Treasurer and Secretary of the Company, effective as of April 15, 2022. Mr. Hinojosa will perform the functions of the Company’s principal financial officer. Mr. Hinojosa joined Astrotech in 2015 and has served as the Company’s Corporate Controller since 2019. His previous roles with the Company include Director of Finance from 2017 to 2019 and Assistant Controller from 2015 to 2017. Prior to joining Astrotech, Mr. Hinojosa worked as an Accounting Manager for O’Reilly Auto Parts (NASDAQ: ORLY) from 2010 to 2015 and gained public accounting experience as an Audit Manager at Burton McCumber & Cortez, LLP from 2005 to 2010. Mr. Hinojosa is a Certified Public Accountant and brings significant finance and public accounting knowledge to the Company. In connection with his appointment as CFO, Treasurer and Secretary, on April 12, 2022, the Board of Directors of the Company (the "Board") approved an annual base salary of $300,000. In addition, the Board granted to Mr. Hinojosa 100,000 stock options, vesting in equal amounts annually over three years. The grant of these stock options is effective as of the end of the day April 14, 2022. The strike price of these options is $0.64 which represents the closing price on April 14, 2022. Mr. Hinojosa will also be entitled to participate in all benefit plans generally available to the Company’s employees. Nasdaq Compliance On April 19, 2022, Ronald W. Cantwell, a member of the Board, passed away. Mr. Cantwell, an independent director, served as the chairman of the Audit Committee (the “Audit Committee”) of the Board at the time of his passing. On April 25, 2022, the Company notified Nasdaq that, due to Mr. Cantwell’s death, the Company is no longer in compliance with Nasdaq Listing Rule 5605(c)(2)(A) and Nasdaq Listing Rule 5606(b)(1), which requires the Audit Committee to be comprised of a minimum of three independent directors and the Company to maintain a majority independent board of directors, respectively. Pursuant to Nasdaq Listing Rule 5605(c)(4)(B) and Nasdaq Listing Rule 5605(b)(1)(A), the Company is entitled to a cure period to regain compliance with Nasdaq Listing Rule 5605(c)(2)(A) and Nasdaq Listing Rule 5606(b)(1), which cure periods will expire at the earlier of the Company’s 2022 annual meeting of stockholders (the “2022 Annual Meeting”) or April 19, 2023, or if the 2022 Annual Meeting is held before October 17, 2022, then the Company must evidence compliance no later than October 17, 2022. On April 27, 2022, Nasdaq issued a letter to the Company confirming the Company’s noncompliance with Nasdaq Listing Rule 5605 and informing the Company of the cure periods. The Company intends to appoint an additional independent director to the Board and the Audit Committee prior to the end of the cure periods.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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