Business
Lifeway Foods® Announces Annual Meeting Results and Provides Update to Shareholders
All Eight Company Director Nominees Elected to Board Company Announces Latest Step in Ongoing Review of Strategic Alternatives with Hiring of Kroll
About this update from Lifeway Foods, Inc.
[{"type":"text","content":"All Eight Company Director Nominees Elected to Board\nCompany Announces Latest Step in Ongoing Review of Strategic Alternatives with Hiring of Kroll Securities, LLC as Financial Advisor \nResponds to Letter from Kanen Wealth Management and Highlights Positive Business Momentum\nMORTON GROVE, Ill., June 16, 2023 /PRNewswire/ -- The Board of Directors (the \"Board\") of Lifeway Foods, Inc. (Nasdaq: LWAY) (\"Lifeway\" or the \"Company\"), a leading U.S. supplier of kefir and fermented probiotic products to support the microbiome, today announced the results of its 2023 Annual Meeting of Shareholders (the \"Annual Meeting\") and provided other updates to shareholders.\n\n \n \n \n \n \n \n\n \nAnnual Meeting Results\nAt the Annual Meeting held on June 15, 2023, shareholders supported Proposal 1, electing the Company's eight nominees to the Board. Shareholders also supported Proposal 2, ratifying Grant Thornton LLP as the Company's independent financial auditor for fiscal year 2023 and Proposal 3, approving, by a non-binding advisory vote, executive compensation.\nNotably, a leading independent shareholder advisory firm, Institutional Shareholder Services Inc., recommended that shareholders vote for the Company's eight director nominees.\nHiring of Financial Advisor \nThe Audit & Corporate Governance Committee of the Board has retained Kroll Securities, LLC as its exclusive financial advisor to support its ongoing evaluation of strategic alternatives. In connection with this engagement, the independent members of the Board stated:\n\"We are always open to considering all available avenues to maximize shareholder value. While we are confident in the Company's current strategy, we are also committed to exploring strategic alternatives that might be in the best interests of all shareholders. Over the course of the past several months we have been considering potential options, and the hiring of Kroll represents the next step in this process. We will provide further updates as appropriate.\"\nResponse to Kanen Wealth Management\nIn response to the June 8th press release issued by David Kanen, President and CEO of Kanen Wealth Management (\"KWM\"), the Board stated:\n\"Lifeway has a highly qualified Board and management team that collectively possess the right skills and experience to continue driving positive performance and creating val...