FlexShopper, Inc. Form 8-K Current Report Filed 2025-07-29

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 (see General Instruction A.2. below):

CURRENT REPORT ON FORM 8-K

FlexShopper, Inc.

July 28, 2025

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

On July 27, 2025, Denis Echtchenko tendered a letter of resignation from the Board of Directors (the “Board”) of FlexShopper, Inc. (the “Company”), effective upon receipt of a letter designating his successor from B2 FIE V LLC (“B2 FIE”), as described below. A copy of Mr. Echtchenko’s letter of resignation which states his reasons for resigning is furnished herewith as Exhibit 99.1. The Company disagrees with Mr. Echtchenko’s substantive assessments and characterizations set forth in his letter of resignation. Mr. Echtchenko did not serve on any committee of the Board.

Pursuant to the requirements of Item 5.02 of Form 8-K, the Company has provided Mr. Echtchenko with a copy of this Form 8-K in accordance with Item 5.02(a)(3)(i) of Form 8-K.

On July 27, 2025, upon receipt of a letter from B2 FIE, Steven Varner was designated as the B2 FIE representative to serve on the Company’s Board until the next annual or special meeting of the stockholders of the Company.

Steven Varner, age 64, is the founder and principal of SG Varner Advisors, an interim executive management and business and financial advisor to management, board of directors and stakeholders, since June 2022. He served as a Managing Director in the Turnaround and Restructuring Practice of Alvarez & Marsal from 2004 to May 2022, where he assumed interim positions with numerous public and private companies as chief executive officer, chief operating officer, chief financial officer, chief restructuring officer and in similar operational and advisory roles. Prior to Alvarez & Marsal, Mr. Varner was a partner and head of the West Region restructuring practice of Deloitte in 2003 and 2004, and partner in the global corporate finance and restructuring practice of Arthur Andersen LLP from 1988 to 2003. Mr. Varner received a B.S. in business administration degree (accounting) from Arizona State University.

Mr. Varner is an accomplished senior executive with extensive financial, operations and accounting experience making him well qualified to be a member of the Board. Mr. Varner also brings transactional expertise in capital markets and mergers and acquisitions.

Mr. Varner was appointed to the Board pursuant to the Investor Rights Agreement, dated as of June 10, 2016 (the “B2 FIE Investor Rights Agreement”), among the Company and B2 FIE in connection with B2 FIE’s purchase of the Company’s series 2 preferred stock. Pursuant to the B2 FIE Investor Rights Agreement, so long as B2 FIE and its affiliate transferees’ ownership percentage of the Company’s outstanding common stock, determined on a fully diluted basis taking into account the conversion of all outstanding shares of series 1 preferred stock and series 2 preferred stock, exceeds 10%, B2 FIE will have the right to nominate one director to the Board. For more information regarding the B2 FIE Investor Rights Agreement, please refer to the Company’s Form 8-K filed with the SEC on June 13, 2016. Apart from the B2 FIE Investor Rights Agreement, there is no arrangement or understanding between Mr. Varner and the Company pursuant to which he was elected to the Board.

Mr. Varner has not participated in any transactions with the Company nor are there currently any proposed transactions requiring disclosure pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended. In addition, there are no family relationships between Mr. Varner and any of the Company’s executive officers or other directors.

With the addition of Mr. Varner, the number of members on the Board remains at five members.

Item 9.01. Financial Statement and Exhibits.

(d)

Exhibits

99.1	Letter from Denis Echtchenko dated July 27, 2025.

104	Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

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.

Howard S. Dvorkin, Chairman of the Board
c/o FlexShopper, Inc.
901 Yamato Road, Suite 260
Boca Raton, FL 33431
howarddvorkin@howarddvorkin.com

FlexShopper, Inc.
901 Yamato Road, Suite 260
Boca Raton, FL 33431
Attn: John Davis, President and Chief Operating Officer
john.davis@flexshopper.com

Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, NY 10019
Attn: Spencer G. Feldman
sfeldman@olshanlaw.com

FlexShopper, Inc.
901 Yamato Road, Suite 260
Boca Raton, FL 33431
Attn: H. Russell Heiser, Jr., Chief Executive Officer and Chief Financial Officer russ.heiser@flexshopper.com

Reference is hereby made to that certain Investors’ Rights Agreement, dated as of June 10, 2016 (the “IRA”), between the Company, the Management Stockholder and the Investors party thereto. All capitalized terms used but not defined herein shall have their respective meanings in the IRA.

Given ongoing internal matters relating to the Company’s financials and borrowing from lenders, I, and the Bravo Investor Parties, believe that it is in the best interest of both the Company and the Bravo Investor Parties for me to resign, and for the Bravo Investor Parties to designate as the Investor Director an experienced individual with a skill set specifically suited to serve in the current environment. Therefore, I, Denis Echtchenko, do hereby resign from my position as a director on the Board of Directors (the “Board”) of the Company, and from any committee and subcommittee of the Board, including as a director and/or manager of any subsidiaries of the Company, as applicable, effective upon receipt by the Company of that certain letter, dated on or around the date hereof, from the Bravo Investor Parties to the Company, which designates Steven Varner as a successor Investor Director pursuant to the terms of the IRA, effective upon receipt of this letter. As Mr. Varner has relevant expertise with respect to distressed situations, and was interviewed and approved by the Board this Friday, July 25th, I and the Bravo Investor Parties view Mr. Varner as the appropriate replacement to fill my seat on the Board and to help the Company through its current challenges.

As I previously have noted to the Board, I disagree with the Company’s handling of recent issues. Further, the Company has not responded adequately to my requests related to these issues, including for information with regard to the Company’s communications with lenders related to existing credit facilities, Russ Heiser’s ongoing management role, and the appointment of separate independent counsel to advise the Board.

Cover	Jul. 27, 2025
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Jul. 27, 2025
Entity File Number	001-37945
Entity Registrant Name	FLEXSHOPPER, INC.
Entity Central Index Key	0001397047
Entity Tax Identification Number	20-5456087
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	901 Yamato Road
Entity Address, Address Line Two	Suite 260
Entity Address, City or Town	Boca Raton
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33431
City Area Code	855
Local Phone Number	353-9289
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	FPAY
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

Cover

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Entity Address, Address Line Two

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false

Pre-commencement Issuer Tender Offer

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Security Exchange Name

NASDAQ

Entity Emerging Growth Company

false

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Delaware		001-37945		20-5456087
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

901 Yamato Road, Suite 260 Boca Raton, Florida		33431
(Address of Principal Executive Offices)		(Zip Code)

	FLEXSHOPPER, INC.

Date: July 29, 2025	By:	/s/ John Davis
		Name:	John Davis
		Title:	President and Chief Operating Officer

Sincerely,

By:	/s/ Denis Echtchenko
	Name:	Denis Echtchenko