SANTA ANA, Calif., December 06, 2023 — Unrivaled Brands, Inc. (OTCQB: UNRV) (“Unrivaled,” “Unrivaled Brands,” “Company,” “we” or “us”), a cannabis company with operations throughout California, is pleased to announce the successful outcome of its 2023 annual meeting of Stockholders held on December 5, 2023 (“Annual Meeting”), which was conducted via telecast.
At the Annual Meeting, stockholders demonstrated overwhelming support for key proposals, reflecting their confidence in the Company’s direction and leadership. The following proposals were approved by the stockholders:
- The proposal to approve and adopt the Agreement and Plan of Merger, dated October 9, 2023, by and among the Company, Blum Holdings, Inc., a newly formed Delaware corporation (“Blüm”), and Blum Merger Sub, Inc., which provides for our reorganization into a Delaware holding company, with the Company becoming a wholly owned subsidiary of Blüm and the current stockholders of the Company becoming stockholders of Blüm (the “Reorganization”).
- The proposal to approve the amendment of our articles of incorporation to effect a reverse stock split of all outstanding shares of our common stock at an exchange ratio between 1-for-70 to 1-for-100, with the exact ratio to be determined by our Board of Directors (the “Board”) in its discretion.
- The proposal to elect Sabas Carrillo, Matthew Barron, and James Miller to serve as directors on the Board.
- The proposal to approve the compensation of our named executive officers through a non-binding advisory vote, commonly referred to as “say-on-pay.”
- The proposal to vote on the desired frequency of future non-binding advisory votes on executive officer compensation through a non-binding, advisory vote.
- The proposal to ratify Marcum LLP as the Company’s independent registered public accounting firm for the fiscal year ended December 31, 2023.
- The proposal to approve the adjournment of the Annual Meeting from time to time to a later date or dates, if necessary and appropriate, under certain circumstances, including for the purpose of soliciting additional proxies in favor of one or more of the foregoing proposals.
Tracy McCourt, the Inspector of Election, has certified all voting results for the Annual Meeting. The final tabulation indicates that out of the 774,998,097 shares of common stock and 14,071,431 shares of Series V preferred stock entitled to vote, the Company received an average of 96% voting support from stockholders approving all seven (7) proposals.
The official voting results for each item voted on by stockholders will be disclosed in a Current Report on Form 8-K to be filed with the Securities and Exchange Commission (the “SEC”).
Unrivaled Brands Chief Executive Officer, Sabas Carrillo said, “We are delighted by the resounding support shown by our stockholders at the Annual Meeting. These results reflect the shared vision we have for Unrivaled Brands, soon to be Blüm. Moreover, our pursuit of a significant acquisition opportunity underscores our commitment to growth.”
About Unrivaled Brands
Unrivaled Brands is a company focused on the cannabis sector with operations in California. Unrivaled Brands operates four dispensaries and direct-to-consumer delivery, a cultivation facility, and several leading company-owned brands. Korova, an Unrivaled Brand, is known for its high potency products across multiple product categories, including the legendary 1000 mg THC Black Bar.
