On August 29, 2017, each of Norman Stout, Dieter Gable, and Colleen McKeown separately informed the Board of Directors of root9B Holdings, Inc. that they had determined not to become a director. Messrs. Stout and Gable and Ms. McKeown had been elected to the Board, effective October 1, 2017, at the Company's 2017 Annual Meeting of Stockholders. Messrs. Stout and Gable and Ms. McKeown each indicated the pending foreclosure sale of substantially all of the Company’s assets by its secured creditors and the considerable doubt regarding the Company's ability to continue operations following the foreclosure sale, among other things, motivated each of their decisions to resign as a director-elect of the Company.
root9B Holdings, Inc., formerly root9B Technologies, Inc., is engaged in providing cybersecurity, business advisory services principally in regulatory risk mitigation, and energy and controls solutions. The Company helps clients in various industries to provide cyber operations and solutions, mitigate risk, comply with regulations, and leverage and integrate technology. It operates through three segments: Cyber Solutions, IPSA International, Inc. (IPSA)/Business Advisory Solutions, and Energy and Controls Solutions. The Cyber Solutions segment provides cyber security and technology training capabilities, operational support and consulting services. The IPSA/Business Advisory Solutions segment delivers solutions in both regulatory compliance and risk mitigation. The Energy and Controls Solutions segment works with its customers to assess, design and install processes and automation. Its services include cyber operations assessments, forensics, exploitation and defense planning.