HEXO Corp announces results of its annual and special meeting of shareholders

Rhea-AI Summary

OTTAWA, Dec. 14, 2020 - HEXO Corp. announced the results of its annual and special meeting held on December 11, 2020. All proposals were approved, including the re-election of directors and the reappointment of auditors. A significant item was the approved consolidation of common shares on a 4:1 basis, which is pending approval from the Toronto Stock Exchange and New York Stock Exchange. Detailed voting results showed strong support for the elected directors, with votes in favor exceeding 90% for most nominees.

Positive

• All proposals at the annual meeting were approved.
• Strong majority support for re-election of directors with votes largely above 90%.
• Consolidation of common shares approved, which may enhance share value.

Negative

• Consolidation subject to regulatory approval could face delays.
• Potential dilution of shares post-consolidation.

OTTAWA, Dec. 14, 2020 (GLOBE NEWSWIRE) -- HEXO Corp. (“HEXO” or the “Company”) (TSX: HEXO; NYSE:HEXO) is pleased to announce the results of its annual and special meeting of shareholders held on December 11, 2020 by virtual webcast (the “’Meeting”).

All items put forth at the Meeting were approved. The re-election of Vincent Chiara, Jason Ewart,  Emilio Imbriglio,  Adam Miron, Dr. Michael Munzar and Sébastien St-Louis as directors of the Company, to hold office until the next annual meeting of shareholders or until their successors are elected or appointed, and the reappointment of PricewaterhouseCoopers LLP as auditors of the Company for the ensuing year, were approved at the Meeting, all with a majority of the votes cast.

The consolidation of the outstanding common shares of the Company (“Common Shares”) on the basis of four (4) old Common Shares for one (1) new Common Share proposed by the Company was also approved at the Meeting by special resolution (the “Consolidation”). The Consolidation remains subject to the approval of the Toronto Stock Exchange and the New York Stock exchange. Assuming the receipt of all approvals required for the Consolidation, it is expected the Consolidation will be implemented in the near future. The Company will announce further details with respect to the implementation of the Consolidation once all required approvals have been obtained.

Results of the vote for the election of directors at the Meeting are set out below:  

Nominee	Total votes cast	Votes for	%
Vincent Chiara	86,410,420	80,620,953	93.30
Jason Ewart	86,410,420	80,474,708	93.13
Emilio Imbriglio	86,410,420	82,458,808	95.43
Adam Miron	86,410,420	79,993,499	92.57
Dr. Michael Munzar	86,410,420	82,392,001	95.35
Sebastien St-Louis	86,410,420	80,038,067	92.63

A “Report of Voting Results” for the Meeting will be

FAQ

What were the results of HEXO's annual meeting on December 11, 2020?

All proposals, including director re-elections and share consolidation, were approved.

Who were re-elected as directors at HEXO's annual meeting?

Vincent Chiara, Jason Ewart, Emilio Imbriglio, Adam Miron, Dr. Michael Munzar, and Sébastien St-Louis were re-elected.

What is the share consolidation approved by HEXO?

HEXO approved a consolidation of common shares on a 4:1 basis.

What percentage of votes supported the directors' re-elections at HEXO?

Votes in favor of the directors' re-elections generally exceeded 90%.

When will HEXO implement the approved share consolidation?

The consolidation will be implemented once it receives regulatory approvals, with details to be announced later.