SEC Filing Summary: Level Brands, Inc. (8-K)
Business Context and Reporting Period
This Form 8-K Current Report was filed by Level Brands, Inc. on March 22, 2018, regarding the results of its 2018 Annual Meeting of Shareholders held on the same date. The registrant is incorporated in North Carolina and is classified as an emerging growth company. Note: The request metadata references "Cbdmd, Inc.", but the filing text explicitly identifies the registrant as Level Brands, Inc.
Key Financial Metrics
This filing is a corporate governance report and does not provide financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The filing text does not contain a clear value for any financial performance indicators.
Material Changes and Voting Results
The report details the voting outcomes for four proposals at the annual meeting. Of the 8,028,928 shares outstanding, 5,027,427 shares (62.61%) were represented, constituting a quorum.
- Proposal 1 (Election of Directors): All seven nominees were elected. Votes ranged from approximately 4.35 million to 4.36 million "For" each director, with "Against" votes ranging from 17,213 to 25,713.
- Proposal 2 (Ratification of Auditors): The appointment of Cherry Bekaert LLP was ratified with 4,985,568 votes "For" and 10,323 "Against".
- Proposal 3 (Say On Pay Frequency): Shareholders voted for a three-year frequency (2,230,599 votes), followed by one-year (1,473,809 votes) and two-year (635,790 votes).
- Proposal 4 (Say On Pay - Executive Compensation): The advisory vote on executive compensation passed with 4,315,154 votes "For" and 31,710 "Against".
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies. It strictly reports the tabulation of shareholder votes.
Key Facts for Investor Verification
- Verify the correct registrant name is Level Brands, Inc., not Cbdmd, Inc.
- Confirm the ratification of Cherry Bekaert LLP as the independent auditor.
- Note the shareholder preference for a three-year frequency for future Say On Pay votes.
- Review the definitive proxy statement filed on January 29, 2018, for detailed background on the proposals.