In a recent development, Eastside Distilling, Inc., a beverage company listed under the Nasdaq Stock Market LLC, held its 2024 Annual Meeting of Stockholders virtually on December 23, 2024. The key outcomes of the meeting included the election of six directors to the Board, advisory approval of executive compensation, and a pivotal decision to proceed with a reverse stock split.
Stockholders re-elected Joseph Caltabiano, Joseph Freedman, Geoffrey Gwin, Stephanie Kilkenny, Eric Finnsson, and Robert Grammen to the Board of Directors, with their term extending until the next annual meeting in 2025.
The non-binding "say-on-pay" vote resulted in approval of the compensation for the company's named executive officers. The stockholders also expressed their preference for the frequency of future "say-on-pay" votes, with a majority favoring a triennial schedule. Following this advisory result, Eastside Distilling has decided to hold such votes every three years.
The more consequential decision made at the meeting was the approval of a reverse stock split of Eastside Distilling's issued shares of common stock. The authorized amendment allows the Board of Directors to consolidate shares at a ratio ranging from one-for-two to one-for-ten at their discretion, anytime before the one-year anniversary of the 2024 Annual Meeting. This strategic move does not require further stockholder approval.
Notably, the proposal to ratify the appointment of M&K CPAS, PLLC as the company's independent registered public accounting firm was withdrawn. Instead, Salberg & Company, P.A. has been appointed as the new independent registered public accounting firm for Eastside Distilling.
The meeting concluded without the need to present a proposal to adjourn for further proxy solicitation regarding the Charter Amendment Proposal, as the necessary votes for approval were already obtained.
This report is based on a press release statement and provides a factual summary of the key decisions made by the stockholders of Eastside Distilling, Inc. during their 2024 Annual Meeting.
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