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Tilray Brands Inc TLRY

Alternate Symbol(s):  T.TLRY

Tilray Brands, Inc. is a global lifestyle and consumer packaged goods company. The Company operates through four segments: Cannabis operations, Distribution business, Beverage alcohol business and Wellness business. The Cannabis operations, which encompasses the production, distribution, sale, co-manufacturing and advisory services of both medical and adult-use cannabis. The Beverage alcohol operations, which encompasses the production, marketing and sale of beverage alcohol products. The Distribution operations, which encompasses the purchase and resale of pharmaceuticals products to customers. The Wellness products, which encompasses hemp foods and cannabidiol (CBD) products. The Company offers a portfolio of adult-use brands and products and expands its portfolio to include new cannabis products and formats. Its brands include Good Supply, RIFF, Broken Coast, Solei, Canaca, HEXO, Redecan, Original Stash, Hop Valley, Revolver, Bake Sale, XMG, Mollo, and others.


NDAQ:TLRY - Post by User

Comment by ediabidon Jul 30, 2021 4:02pm
144 Views
Post# 33633373

RE:RE:RE:Correct me if I'm wrong

RE:RE:RE:Correct me if I'm wrong
I'll start with a definition of a quorum found on Investopedia:

 

"A quorum refers to the minimum acceptable level of individuals with a vested interest in a company needed to make the proceedings of a meeting valid under the corporate charter. This clause or general agreement ensures there is sufficient representation present at meetings before any changes can be made by the board."

_____________________________________________________________

From the proxy statement issued by Tilray (my scanner is not working or I would have copied it), starting on page 3 and continued on page 4: (all bolded items here are mine).

A quorum of stockholders is necessary to hold a valid meeting.  A quroum will be present if holders of shares representing one-third of the voting power of the outstanding shares of Class 2 common stock entitled to vote are present at the Special Meeting or repesented by proxy.  On each matter to be voted upon, you have one (1) vote for each share of Class 2 common stock you own as of June 22, 2021.  The Class 2 common stock will vote together as a single class on all proposals described in this Proxy Statement.  On the record date, there were 449,165,558 shares of Class 2 common stock outstanding. Thus, the holders of shares representing an aggregrate of 149,721,853 votes must be present or represented by proxy at the Special Meeting to have a quorum."  

I attended the meeting and heard Irwin Simon saying that they needed more support for the Governance proposals.  These are shown on page 2 of their proxy statement and consists of 4 sub-proposals.  

My take on this is that they did not receive enough votes on those proposals to satisfy the requirements of the quorum.   I am not a lawyer, so this is an opinion based only on what I read in the proxy statement and what I heard at the meeting.  

Hope that helps but I would advise anyone who is unsure to contact Tilray.  glta


 
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