AKERNA CORP WTS - KERNW STOCK NEWS

Akerna (Nasdaq: KERN) will report its Q2 2022 financial results after trading on August 10, 2022. A conference call for investors will occur at 8:30 AM ET on August 11, featuring management's remarks and a Q&A session. Established in 2010, Akerna is a leading enterprise software company in the cannabis sector and has tracked over $20 billion in cannabis sales. It provides a robust compliance engine and technology infrastructure for the cannabis industry, including its flagship MJ Platform.

Akerna announces a significant spike in cannabis sales during the Fourth of July weekend, totaling $255.5 million. Notably, Friday, July 1st, recorded $106.7 million in sales, marking it as the second-highest sales day in 2022. This reflects a 19.1% year-over-year increase compared to $89.6 million from the previous year. Akerna's sales data suggests that cannabis is becoming a popular choice for celebrations as legalization spreads across the U.S.

Akerna Corp. (Nasdaq: KERN) has successfully closed its public offering of 29,382,861 units, comprising shares of common stock and common stock warrants, alongside 14,095,400 pre-funded units with associated warrants. The units were priced at $0.23 each, raising approximately $10 million in gross proceeds. The funds will support general corporate purposes, including ongoing debt obligations, marketing, and product development. The offering was managed by A.G.P./Alliance Global Partners, with the registration statement filed with the SEC.

Akerna Corp. (Nasdaq: KERN) has announced a public offering of 29,382,861 units, including common stock and common stock warrants, priced at $0.23 per unit, along with 14,095,400 pre-funded units at $0.2299 each. The gross offering proceeds are expected to be approximately $10 million, with closing around July 5, 2022. Funds will be utilized for general corporate purposes, including debt servicing and product development. The offering includes an underwriters' option for an additional 6,521,739 shares for over-allotments.

Akerna Corp. (Nasdaq: KERN) announced plans to cut its workforce and reduce operating costs to enhance profitability and stakeholder value, effective July 1, 2022. CEO Jessica Billingsley reported a revenue run rate of $27 million and a Contracted Annual Recurring Revenue (CARR) of $21.1 million, highlighting strong bookings. The cost-cutting measures are expected to generate material annual savings, despite anticipated implementation costs of $690,000 for Q2 2022, including severance and legal fees. Akerna aims to focus on its enterprise business and SMB market expansion.

Akerna Corp. (Nasdaq: KERN) held its 2022 annual stockholder meeting on May 25, 2022, where 23,353,671 shares, or approximately 67% of outstanding shares, were represented, fulfilling the quorum requirement.

All director nominees were elected, and stockholders approved several key matters:

• Ratification of Marcum LLP as independent auditors.
• Approval for issuance of shares underlying senior secured convertible notes.
• Authorization to amend the certificate of incorporation to increase shares from 75 million to 150 million.
• Enhancement of the Long Term Incentive Plan by 2.9 million shares.

Akerna Corp. (Nasdaq: KERN) has further adjourned its 2022 annual stockholder meeting to May 25, 2022, at 9 a.m. MT. Stockholders of record as of March 31, 2022 are encouraged to vote by May 24, 2022. Proxies submitted represent approximately 64% of shares, meeting the quorum requirement. While elections for some directors received approval, key proposals for increasing authorized shares and stock incentive plans require further voting. Failure to approve these may lead to liquidity issues for the company.

Akerna (Nasdaq: KERN) announced the engagement of JMP Securities to explore strategic alternatives aimed at maximizing stakeholder value. CEO Jessica Billingsley emphasized their commitment to leveraging business strengths. The company also reported a leadership change, with John Fowle, the current CFO, leaving effective May 17, and Dean Ditto appointed as interim CFO. Ray Thompson will transition from President & COO to Special Advisor to the CEO, continuing to oversee aspects of corporate strategy. The strategic review process may not guarantee any specific outcomes.

Akerna Corp. (Nasdaq: KERN) has adjourned its 2022 annual meeting of stockholders to May 23, 2022, at 9 a.m. MT. The record date remains March 31, 2022. Stockholders who have not voted are encouraged to do so by May 22, 2022. Proxies representing approximately 58% of the outstanding shares were submitted, allowing for quorum. Proposals for director elections and several others were approved, but the proposal to increase the number of authorized shares did not receive sufficient support. Approval of this proposal is essential for the company to meet financial obligations and raise capital.