REED's, INC. - Form 8-K Summary
Business Context and Reporting Period
This Form 8-K reports on the results of the Annual Meeting of Shareholders held on December 20, 2013. The filing details the outcomes of five specific proposals submitted to the security holders of REED's, INC.
Key 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 and shareholder voting results.
Material Changes and Voting Results
Of the 12,882,588 shares outstanding, 9,599,031 shares (74.5%) were voted, establishing a quorum. The material outcomes were:
- Election of Directors: Shareholders re-elected the existing board of directors (Christopher J. Reed, Judy Holloway Reed, Mark Harris, Daniel S.J. Muffoletto, and Michael Fischman).
- Independent Auditor: Shareholders ratified the selection of Weinberg & Company, P.A. as the independent registered public accounting firm for fiscal 2013.
- Executive Compensation (Say-on-Pay): Shareholders approved, on an advisory basis, the compensation paid to named executive officers.
- Compensation Vote Frequency: Shareholders approved a frequency of three years for future advisory votes on executive compensation.
- Shareholder Proposal: Shareholders rejected the proposal entitled "Proxy Access for Shareholders."
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 re-election of the specific directors listed, noting the number of votes withheld for each candidate.
- Confirm the rejection of the "Proxy Access for Shareholders" proposal, which received significantly more "Against" votes (4,677,135) than "For" votes (882,408).
- Note that the advisory vote on executive compensation frequency was set to occur every three years.
- Confirm that 74.5% of outstanding shares participated in the vote.