Business
Eastside Distilling Provides Update on Annual Meeting Results
PORTLAND, Ore., Aug. 12, 2019 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) today provided an update to its annual meeting of stockholders, which
About this update from Beeline Holdings, Inc.
[{"type":"text","content":"PORTLAND, Ore., Aug. 12, 2019 /PRNewswire/ -- Eastside Distilling, Inc. (NASDAQ: EAST) today provided an update to its annual meeting of stockholders, which took place on August 8, 2019. The board, currently consisting of three members, does not foresee there being meaningful changes in the Company's business strategy and believes that the strategy continues to be a successful one. The board intends to add additional members within enough time to maintain compliance with NASDAQ listing requirements and does not foresee any difficulty in doing so. \nSteve Shum, Interim CEO commented, \"We have confidence in our operating team to execute the plan and we have the full support of the current board of directors. We have been executing across our key priorities and nothing has changed.\" \nJack Peterson, who has served as a director since 2016, commented, \"Eastside continues to build significant brand value. It is exciting to watch that take place, and the board has confidence that the team will continue to execute.\"\nAn 8-K reporting in detail the results of the meeting was filed with the Securities and Exchange Commission on August 9, 2019 and is available on the Company's website. As disclosed in additional detail in the 8-K, the proposals voted on at the meeting all passed, except for a proposal to increase the number of shares authorized for future issuance. It is anticipated that the Company will revisit that proposal in the future after internal discussions and discussions with shareholders. \nDirector nominees Jack Peterson, Owen Lingley, and Paul Shoen, all of whom have substantial shareholdings, were elected as directors, and all received in excess of 90% of the votes cast for election of directors. Following the shareholder's meeting, the board consisting of Mr. Peterson, Mr. Lingley and Mr. Shoen, elected Mr. Shoen to the position of Chairman of the Board. Immediately prior to the shareholder's meeting, the board amended the Company Bylaws in order to provide for a quorum requirement suited to the current size of the board. \nThe Company expects to announce its second quarter financial results on Wednesday, August 14, 2019 and will hold a conference call. A press release with details will be issued prior to the call.\nAbout Eastside Distilling \nEastside Distilling, Inc. (NASDAQ: EAST) has been producing high-quality, aw...