Karat Packaging Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K reports the results of the 2024 Annual Meeting of Stockholders held on June 20, 2024. Karat Packaging Inc. is a Delaware corporation with its principal executive offices in Chino, California. The company is an emerging growth company and its common stock trades on The Nasdaq Stock Market LLC under the symbol "KRT".
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance voting results.
Material Changes and Voting Results
The following matters were voted upon at the Annual Meeting:
- Proposal 1: Election of Directors
- All five nominees were elected.
- Alan Yu: 17,234,604 votes for; 131,465 withheld.
- Jian Guo: 16,831,925 votes for; 534,144 withheld.
- Paul Y. Chen: 14,865,458 votes for; 2,500,611 withheld.
- Eric Chen: 15,355,851 votes for; 2,010,218 withheld.
- Eve Yen: 15,356,922 votes for; 2,009,147 withheld.
- Broker non-votes totaled 748,560 for all director nominees.
- Proposal 2: Ratification of Auditors
- PricewaterhouseCoopers LLP was ratified as the independent certified public accountants for the fiscal year ending December 31, 2024.
- Votes For: 18,079,119
- Votes Against: 20,783
- Abstain: 14,727
- Proposal 3: Advisory Approval of Executive Compensation ("Say on Pay")
- The proposal was approved.
- Votes For: 16,989,274
- Votes Against: 367,006
- Abstain: 9,789
- Broker Non-Votes: 748,560
Guidance, Outlook, and Risks
The filing text does not provide a clear value for guidance, outlook, management commentary, risks, contingencies, or unusual items.
Key Facts for Investor Verification
- Verify the total number of shares outstanding to calculate the percentage of votes withheld for directors Paul Y. Chen, Eric Chen, and Eve Yen, which exceeded 10% of the votes cast for those specific nominees.
- Confirm the total number of shares entitled to vote at the meeting to assess the level of shareholder participation.
- Review the full proxy statement for details on the executive compensation package approved in Proposal 3.
- Note that 748,560 broker non-votes were recorded for the director elections and the Say on Pay proposal, indicating shares held in street name where brokers lacked discretionary voting authority.