![]() There are significant ongoing business relationships between Charlotte's Web and entities in which Joel and/or Jesse hold direct or indirect interests, certain of which are or will be subject to Board review and approval in the near future. Joel and Jesse's demands generally, and the timing specifically, are designed to circumvent the procedures and processes in place to protect shareholders and allow them to make an informed decision with respect to the election of directors. The Letter demanded that the Board waive the application of the Company's advance notice by-laws, which are designed to ensure that the Corporate Governance and Nominating Committee and the Board have sufficient time to vet potential Board nominees, including with respect to suitability and independence. īoth the Letter, and a subsequent press release issued by Joel and Jesse on June 12, 2023, advise that they have communicated with certain Company shareholders in an effort to reconstitute the Board. The Letter provided that the Board acquiesce to their demands within 48 hours of receipt of the Letter. ![]() Two of the four individuals proffered were Joel and Jesse themselves and one of the individuals is their long-standing business associate. Late afternoon on Friday, June 9, 2023, Joel and Jesse delivered a letter to the Board (the "Letter") demanding that the Board take immediate steps to facilitate the replacement of a majority of Board members, including all but one of the independent Board members (the "Targeted Directors") with four individuals selected by Joel and Jesse. ("Charlotte's Web" or the "Company"), the market leader in full spectrum hemp extract wellness products, comments on certain demands made to the Company's Board of Directors (the "Board") by Joel and Jesse Stanley ("Joel and Jesse") in connection with the Company's upcoming Jannual general shareholder meeting (the "Meeting"). ![]() ![]() LOUISVILLE, Colo., J/PRNewswire/ - (TSX: CWEB) (OTCQX: CWBHF), Charlotte's Web Holdings, Inc. The Board of Directors, as well as Institutional Shareholder Services ("ISS") and Glass Lewis and Co., LLC ("Glass Lewis"), recommend that shareholders vote "FOR" each of the Company's nominees for election to the Board at the upcoming Annual Meeting. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |