Akerna Announces Adjournment of Annual Meeting of Stockholders
Meeting adjourned to May 23, 2022 at 9 a.m. MT
Akerna encourages all stockholders of record on March 31, 2022 who have not yet voted to do so by 11:59 p.m. Mountain Time on May 22, 2022
DENVER, May 13, 2022 (GLOBE NEWSWIRE) — Akerna Corp. (Nasdaq: KERN) (“Akerna”) announced today that its 2022 annual meeting of stockholders (the “Annual Meeting”) has been adjourned to Monday, May 23, 2022 at 9 a.m. Mountain Time with respect to all proposals described in Akerna’s definitive proxy statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 19, 2022 (the “Proxy Statement”).
The reconvened Annual Meeting will be held at 357 S. McCaslin Blvd, 1st Floor, Louisville, CO 80027. In addition, the record date for determining stockholders entitled to vote at the Annual Meeting will remain the close of business on March 31, 2022.
During the current adjournment, Akerna continues to solicit votes from its stockholders with respect to all proposals set forth in the Proxy Statement.
At the time the Annual Meeting was adjourned, proxies had been submitted by stockholders representing approximately 58% of the shares of Akerna’s common stock outstanding and entitled to vote, which constituted a quorum. At the time of the Annual Meeting votes were sufficient to approve the election of directors and approve proposals 2, 3, 4, 6 and 7, but were not sufficient to approve Proposal 5, Approval of an Amendment to Akerna’s Amended and Restated Certificate of Incorporation to Increase the Number of Authorized Shares of Common Stock, which requires approval by the holders of a majority of the outstanding shares of common stock of Akerna.
Proxies previously submitted with respect to the Annual Meeting will be voted on all proposals at the adjourned Annual Meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action.
The Board of Akerna believes that the approval of Proposal 5 regarding the Authorized Share Increase is in the best interests of the stockholders of Akerna. In the event the Authorized Share Increase is not approved, there may not be sufficient shares of common stock for Akerna to settle conversions of its convertible notes, make share payments for earn-out provisions under Akerna’s recent acquisition transaction with 365 Cannabis, or raise necessary capital to fund Akerna’s operations. To the extent our cash and cash equivalents are insufficient to enable us to make cash payments with respect to the convertible notes, the earn-out payment and to raise additional capital and the number of shares of common stock required to settle those obligations or raise additional capital to settle such obligations is beyond our authorized capital, if we are unable to negotiate a settlement or restructuring with the holders of such notes or the persons entitled to the earn-out payment, we may be subject to lawsuits and foreclosure on the assets securing the convertible notes and will continue to face serious liquidity concerns.[livemarket market_name="KONK Life LiveMarket" limit=3 category=“” show_signup=0 show_more=0]