Better Choice Co Inc. (NYSE American:BTTR), a beverage manufacturing firm currently trading below its InvestingPro Fair Value, disclosed the outcomes of its annual stockholder meeting held on December 18, 2024, according to a recent 8-K filing with the Securities and Exchange Commission.
The company, with a market capitalization of $3.68 million, maintains a healthy balance sheet with more cash than debt and a current ratio of 2.38. The meeting, which saw a 60.70% turnout of the company's shareholders, resulted in the election of directors and the ratification of the company's independent auditor.
The five director nominees, Lionel F. Conacher, Kent Cunningham, Gil Fronzaglia, John M. Word III, and Michael Young, were all elected to the board with a majority of votes for each. The detailed vote count indicated a strong preference for these candidates among the shareholders, with the lowest for votes totaling 748,864 for John M. Word III, and the highest being 783,118 for Kent Cunningham.
Additionally, the company's stockholders ratified the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. This decision was made with an overwhelming majority of 1,104,732 votes in favor, 540 against, and 2,736 abstentions.
The third proposal presented at the meeting concerned the compensation of the company's named executive officers. The advisory vote, which is non-binding, was approved with 744,227 votes for, 39,588 against, and 439 abstentions, indicating a general agreement with the executive compensation plan.
In other recent news, Better Choice Company is set to acquire SRx Health Solutions Inc. in a strategic move to expand its health and wellness offerings. The all-stock transaction, valued at approximately $125 million, is projected to complete between late 2024 and early 2025. The combined entity is expected to generate over $270 million in revenue and over $10 million in EBITDA by 2025.
In addition to the merger, Better Choice is making significant strides into veterinary medicine with its upcoming venture, Better Pet Rx, set to launch in 2025. This development complements the company's existing Halo brand, which reported gross sales of around $49 million in 2023.
Better Choice has also formed a special committee to explore potential mergers and acquisitions, asset monetization opportunities, and joint ventures. This initiative follows a litigation settlement that ended Alphia Inc.'s right of first refusal. The committee comprises Lionel Conacher, John Word III, and Michael Young, with Mr. Young serving as the chairman.
In another development, Better Choice successfully completed an additional sale of shares, amassing approximately $5.3 million in gross proceeds. The company has also transitioned from BDO USA, P.C., to Marcum LLP as its certifying accountant for the fiscal year ending December 31, 2024.
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