Firefly Neuroscience (WAVD) ends $10M facility, raises CFO pay

Rhea-AI Filing Summary

Firefly Neuroscience, Inc. filed an 8-K describing two corporate actions. The company has terminated its equity line of credit arrangement with Arena Business Solutions Global SPC II, Ltd., which had allowed Arena to purchase up to $10 million of Firefly’s common stock. The company gave notice on September 4, 2025, with the termination effective as of September 11, 2025.

The Board also approved an amendment to the employment agreement for Chief Financial Officer Paul Krzywicki. Effective September 1, 2025, his annual gross base salary increases from CA$165,000 (approximately US$120,000) to CA$216,000 (approximately US$157,000), with all other terms of his agreement remaining unchanged.

8-K Event Classification

3 items: 1.02, 5.02, 9.01

3 items

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

false 0000803578 0000803578 2025-08-29 2025-08-29 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 29, 2025

FIREFLY NEUROSCIENCE, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-41092		54-1167364
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

1100 Military Road, Kenmore, NY		14217
(Address of principal executive offices)		(Zip Code)

(888) 237-6412

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.0001 per share		AIFF		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.02 Termination of a Material Definitive Agreement.

As previously disclosed in the Current Report on Form 8-K filed by the Firefly Neuroscience, Inc. (the “Company”) on December 23, 2024, the Company entered into a purchase agreement (“ELOC Agreement”) with Arena Business Solutions Global SPC II, Ltd (“Arena”), dated December 20, 2024, pursuant to which Arena had committed to purchase, upon the terms and conditions specified in the ELOC Agreement, up to $10 million of the Company’s common stock, par value $0.0001 per share.

On September 4, 2025, the Company delivered written notice to Arena to terminate the ELOC Agreement pursuant to its terms, which such termination to be effective as of September 11, 2025.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On August 29, 2025, the Board of Directors (the “Board”) of the Company approved an amendment (the “Amendment”) to the employment agreement (the “Krzywicki Employment Agreement”), dated March 12, 2025, by and between Deel Canada Services Inc. (“Deel”), which provides consulting services to the Company, and Paul Krzywicki, the Chief Financial Officer of the Company. On the same date, Deel and Mr. Krzywicki executed the Amendment.

Pursuant to the Amendment, Mr. Krzywicki’s annual gross base salary is increased from CA$165,000 (approximately US$120,000) to CA$216,000 (approximately US$157,000) effective September 1, 2025. All other terms and conditions of the Krzywicki Employment Agreement remain unchanged and in full force and effect.

The foregoing description of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		Amendment to Employment Agreement, dated August 29, 2025, by and between Deel Canada Services Inc. and Paul Krzywicki.
104		Cover Page Interactive Data File (embedded with the Inline XBRL document).

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: September 5, 2025	FIREFLY NEUROSCIENCE, INC.
	/s/ Greg Lipschitz
	Name:	Greg Lipschitz
	Title:	Chief Executive Officer

2

FAQ

What major agreement did Firefly Neuroscience (WAVD) terminate in this 8-K?

Firefly Neuroscience terminated its purchase agreement (ELOC Agreement) with Arena Business Solutions Global SPC II, Ltd., under which Arena had been committed to purchase, on specified terms, up to $10 million of the company’s common stock.

When does the termination of Firefly Neuroscience’s $10 million ELOC with Arena take effect?

The company delivered written notice of termination to Arena on September 4, 2025, and the termination of the ELOC Agreement is effective as of September 11, 2025.

How is the Firefly Neuroscience (WAVD) CFO’s salary changing?

Effective September 1, 2025, Chief Financial Officer Paul Krzywicki will see his annual gross base salary increased from CA$165,000 (approximately US$120,000) to CA$216,000 (approximately US$157,000).

Who is the counterparty to Firefly Neuroscience’s terminated stock purchase commitment?

The terminated purchase commitment, for up to $10 million of common stock, was with Arena Business Solutions Global SPC II, Ltd., under an ELOC Agreement dated December 20, 2024.

Does the amendment affect other terms of the Firefly Neuroscience CFO’s employment agreement?

No. The filing states that, aside from the salary increase, all other terms and conditions of the Krzywicki Employment Agreement remain unchanged and in full force and effect.

Who provides consulting services to Firefly Neuroscience in relation to the CFO’s employment?

Deel Canada Services Inc. provides consulting services to Firefly Neuroscience and is the counterparty to the employment agreement and the amendment with CFO Paul Krzywicki.