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Tilray Brands, Inc. TLRY TLRY announced that Institutional Shareholder Services and Glass, Lewis & Co., have recommended that Tilray stockholders vote “for” proposal 3, the company’s proposal to eliminate Tilray’s class 1 common stock at the company’s annual meeting of stockholders to be held on November 22, 2022.
“We are pleased that ISS and Glass Lewis agree that stockholders should support Proposal 3 at the upcoming Annual Meeting,” stated Irwin D. Simon, Tilray Brands’ chairman and CEO. “The endorsement of the two major independent proxy advisory firms reaffirms our conviction that proposal 3 is in the best interests of our stockholders and a critical part of our strategy to simplify our capital structure and modernize our corporate governance, which we believe will protect stockholders and promote accountability. We encourage stockholders to vote “FOR” Proposal 3 and all proposals at our upcoming annual meeting to support strong corporate governance and oversight.”
In determining to recommend “for” proposal 3, ISS noted:
“This proposal will simplify and update the company’s governing documents to reflect that no shares of class 1 common stock are outstanding, and none will be issued in the future. In addition, this will have no impact on the rights of current shareholders. Therefore, support for this proposal is warranted.”
Glass Lewis, which joined ISS in recommending “for” proposal 3, noted:
“Allowing one vote per share generally operates as a safeguard for common shareholders by ensuring that those who hold a significant minority of shares are able to weigh in on issues set forth by the board.”
Photo: Benzinga; Sources: courtesy of Matthias Zomer via Pexels, squarefrog via Pixabay
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Image and article originally from www.benzinga.com. Read the original article here.