Business Context and Reporting Period
This Form 8-K Current Report from Jerash Holdings (US), Inc. (JRSH) covers the annual meeting of stockholders held on September 15, 2022. The report details the outcomes of shareholder votes regarding director elections and the ratification of the independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance events.
Material Changes and Corporate Actions
Director Elections
Stockholders elected five directors to serve until the 2023 annual meeting. The voting results were as follows:
- Choi Lin Hung: 8,002,081 votes for; 184,316 votes withheld.
- Wei ("Kitty") Yang: 8,076,857 votes for; 109,540 votes withheld.
- Ibrahim H. Saif: 8,035,259 votes for; 151,138 votes withheld.
- Bill Korn: 8,040,385 votes for; 146,012 votes withheld.
- Mak Chi Yan: 8,035,162 votes for; 151,235 votes withheld.
There were 1,553,714 broker non-votes for each director election.
Accounting Firm Ratification and Transition
Stockholders ratified the selection of Friedman LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2023, with 9,146,673 votes for, 2,389 against, and 591,049 abstentions. There were no broker non-votes on this proposal.
Effective September 1, 2022, Friedman LLP combined with Marcum LLP and operates as a wholly-owned subsidiary of Marcum. The dismissal of Friedman and the engagement of Marcum LLP to serve as the independent auditor is pending Board of Directors approval. Marcum is expected to provide services previously rendered by Friedman.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, management commentary on future outlook, or specific risk factors. The primary contingency noted is the pending Board approval required to formally transition the independent auditor from Friedman to Marcum.
Investor Verification Checklist
- Verify the final Board approval status for the transition from Friedman LLP to Marcum LLP as the independent auditor.
- Confirm the composition of the Board of Directors following the September 15, 2022, election results.
- Review the press release dated September 16, 2022 (Exhibit 99.1) for any additional details on the annual meeting.