Rimini Street, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed on June 3, 2021, by Rimini Street, Inc. The report details the results of the Company's 2021 Annual Meeting of Stockholders, which was held virtually on June 2, 2021. The record date for the meeting was April 19, 2021.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on corporate governance and voting outcomes rather than financial performance data.
Material Changes and Voting Results
A quorum was established with approximately 85.7% of the voting power represented. Stockholders voted on four proposals:
- Proposal 1 (Election of Directors): Class I director nominees Margaret (Peggy) Taylor and Jack Acosta were elected. Both received over 64 million votes "For" with approximately 7.5 to 7.6 million votes "Withheld."
- Proposal 2 (Say-on-Pay): The non-binding advisory vote on executive compensation was approved with 70,254,465 votes "For" versus 520,371 votes "Against."
- Proposal 3 (Say-on-Pay Frequency): Stockholders voted to hold the advisory vote on executive compensation annually. 68,669,390 votes were cast for "Each Year," compared to 18,871 for "Once Every Two Years" and 273,208 for "Once Every Three Years."
- Proposal 4 (Auditor Ratification): The appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2021, was ratified with 79,008,808 votes "For" and 1,388,968 votes "Against."
Guidance, Outlook, and Risks
The filing does not contain financial guidance, management commentary on future outlook, or specific risk factors. The Board of Directors is required to disclose its decision regarding the frequency of future Say-on-Pay votes by October 30, 2021, via an amendment to this report.
Key Facts for Investor Verification
- Verify the final Board decision on the frequency of future Say-on-Pay votes, expected by October 30, 2021.
- Confirm the total number of shares outstanding and the specific voting power of the 13.00% Series A Redeemable Convertible Preferred Stock (100 votes per share).
- Review the definitive proxy statement (Schedule 14A) filed on April 30, 2021, for detailed background on the director nominees and executive compensation.
- Note that this filing contains no financial performance data; refer to the most recent 10-Q or 10-K for financial metrics.