cbdMD, Inc. Elects New Directors and Officers
Ticker: YCBD · Form: 8-K · Filed: Apr 2, 2024 · CIK: 1644903
| Field | Detail |
|---|---|
| Company | Cbdmd, Inc. (YCBD) |
| Form Type | 8-K |
| Filed Date | Apr 2, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $200,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, corporate-governance
TL;DR
cbdMD shakes up leadership, new directors and officers elected.
AI Summary
On March 29, 2024, cbdMD, Inc. announced a significant corporate event involving the election of new directors and the appointment of new officers. The company also reported on matters submitted to a vote of security holders and other events. This filing follows a name change from Level Brands, Inc. in 2017.
Why It Matters
Changes in board and officer composition can signal shifts in company strategy, governance, and future direction.
Risk Assessment
Risk Level: medium — Changes in corporate leadership can introduce uncertainty regarding future strategy and execution.
Key Players & Entities
- cbdMD, Inc. (company) — Registrant
- Level Brands, Inc. (company) — Former company name
- March 29, 2024 (date) — Date of earliest event reported
FAQ
What specific items were voted on by security holders?
The filing indicates that matters were submitted to a vote of security holders, but the specific details of these matters are not provided in this summary.
Who are the newly elected directors and appointed officers?
The filing states that new directors were elected and new officers were appointed, but their names and specific roles are not detailed in this summary.
What were the 'other events' reported on March 29, 2024?
The filing mentions 'Other Events' as an item of disclosure, but the specific nature of these events is not elaborated upon in this summary.
When did cbdMD, Inc. change its name from Level Brands, Inc.?
cbdMD, Inc. was formerly known as Level Brands, Inc., with a date of name change in 2017.
What is the state of incorporation for cbdMD, Inc.?
cbdMD, Inc. is incorporated in North Carolina.
Filing Stats: 1,237 words · 5 min read · ~4 pages · Grade level 12.6 · Accepted 2024-04-02 16:36:20
Key Financial Figures
- $200,000 — shall receive an annual base salary of $200,000. Mr. Whitford, age 43, has been employe
Filing Documents
- ycbd20240401_8k.htm (8-K) — 55KB
- ycbd20240401_8kimg001.jpg (GRAPHIC) — 3KB
- 0001437749-24-010629.txt ( ) — 210KB
- ycbd-20240329.xsd (EX-101.SCH) — 4KB
- ycbd-20240329_def.xml (EX-101.DEF) — 13KB
- ycbd-20240329_lab.xml (EX-101.LAB) — 17KB
- ycbd-20240329_pre.xml (EX-101.PRE) — 13KB
- ycbd20240401_8k_htm.xml (XML) — 5KB
07
Item 5.07 Submission of Matters to a Vote of Security Holders On March 29, 2024, the Company held its 2024 annual meeting of shareholders (the "2024 Annual Meeting") where six proposals were voted upon. The proposals are described in detail in our definitive proxy statement on Schedule 14A filed with the Securities and Exchange Commission on February 14, 2024. Of the 3,045,092 shares of our common stock and 5,000,000 shares of the Company's Series A Preferred Stock (the "Series A"), outstanding and entitled to vote at the 2024 Annual Meeting, 1,053,909 shares of common stock (or 34.6%) and 3,465,131shares of Series A (69.3%), constituting a quorum, were represented in person or by proxy at the 2024 Annual Meeting. At the meeting all the proposals, excluding Proposal 5 below, were approved and the final vote on the proposals was recorded as follows: Proposal 1: The following directors were elected at the 2024 Annual Meeting of shareholders to hold office until the 2025 annual meeting of shareholders or their earlier resignation, removal or death: Directors "For " "Against " Bakari Sellers 894,360 31,554 William F. Raines, III 896,656 29,258 Scott G. Stephen 896,855 29,059 Dr. Sybil Swift 898,196 27,718 Proposal 2: The appointment of Cherry Bekaert LLP as our independent registered public accounting firm and to audit our financial statements for the fiscal year ending September 30, 2024 was ratified, based upon the following final tabulation of votes: "For " "Against " "Abstain " 1,048,934 2,071 2,904 Proposal 3: The approval of an advisory vote on the frequency of an advisory vote on executive compensation was approved, based upon the following final tabulation of votes: "One " "Two " "Three " "Abstain " 515,552 39,999 326,876 43,487 Proposal 4: The approval of an advisory resolution on the fiscal year 2024 compensation of the named executive officers was approved, based upon the following final tabulation of votes: "For "
01
Item 8.01 Other Events. On March 29, 2024, following the adjournment of the 2024 annual meeting of our shareholders, our board of directors appointment Scott Stephen as Chairman of the Board, and T. Ronan Kennedy as Chief Executive Officer and Chief Financial Officer. In addition, the Company's Vice President of Finance, Brad Whitford, was appointed Chief Accounting Officer, Treasurer and Secretary. The board of directors made the following board committee appointments: Audit Committee: William F. Raines, III, Chairman Bakari Sellers Scott G. Stephen Compensation, Corporate Bakari Sellers, Chairman Governance and Nominating William F. Raines, III Committee: Scott G. Stephen Board members shall receive cash fees consistent with fees paid for the prior year as disclosed in the Company's proxy statement filed with the Securities and Exchange Commission on February 14, 2024. Each board member also was granted (i) restricted Stock Units for 4,000 shares of common stock, vesting quarterly on June 30, 2024, September 30, 2024, December 31, 2024 and March 31, 2025, and (ii) a common stock option grant, 2,000 shares, five year term, strike price fair market value on the grant date, vesting immediately.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. cbdMD, Inc. Date: April 2, 2024 By: /s/ T. Ronan Kennedy T. Ronan Kennedy, Chief Financial Officer