GrowGeneration Announces Shareholder Meeting Outcomes By Investing.com

DENVER, CO – GrowGeneration Corp. (NASDAQ:), a retail hydroponic and organic garden store, reported the results of its 2024 Annual Meeting of Shareholders held on Thursday, June 20, 2024. The company, which is incorporated in Colorado, saw significant shareholder participation with over 63% of outstanding shares represented.

During the meeting, shareholders voted on several key proposals. The election of directors was a major agenda item, with all five nominees being elected to the board. Darren Lampert, Michael Salaman, Eula Adams, Stephen Aiello, and Star Carter will serve on the board until the 2025 Annual Meeting of Stockholders or until their successors are elected.

The shareholders also approved, on an advisory basis, the compensation of the company’s named executive officers, commonly referred to as a “Say-on-Pay” proposal. The vote reflects shareholder satisfaction with the executive compensation structure of GrowGeneration.

Another significant proposal that passed was the amendment of the Company’s Amended and Restated 2018 Equity Incentive Plan. The changes include the addition of minimum vesting periods, double-trigger change-in-control provisions, prohibition of repricing or backdating of options without shareholder approval, and an increase in the total number of shares issuable under the plan. These amendments took effect on the date of the Annual Meeting.

Furthermore, the appointment of Grant Thornton LLP as the independent registered public accounting firm for GrowGeneration was approved to audit the company’s financial statements for the year ending December 31, 2024.

The results of these votes are crucial for the governance and future direction of GrowGeneration. The company is known for its retail outlets that provide supplies for hydroponic and organic gardening, a fast-growing sector within the agriculture industry.

The information provided in this article is based on a press release statement from GrowGeneration Corp. and reflects the outcomes of the shareholder meeting as documented in their SEC filing. This report aims to present the facts of the meeting outcomes without bias or promotional language.

In other recent news, GrowGeneration Corp. reported its financial results for Q1 of 2024, revealing a revenue of $47.9 million and an adjusted EBITDA loss of $2.9 million. Despite a net loss of $8.8 million, the company recorded a positive same-store sales comp for the first time in nine quarters. GrowGeneration is focusing on brand expansion and customer growth, while also monitoring potential changes in cannabis legislation. The company reaffirmed its full-year 2024 guidance, projecting net revenue between $205 million and $215 million. As part of its future plans, GrowGeneration aims to invest in customer growth initiatives, product development, market expansion, and a share repurchase program. The company is also exploring expansion opportunities in the European market. These recent developments indicate a potential stabilization in sales and a focus on profitability through cost control and margin expansion.

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