LogicMark Announces Voting Results of 2022 Annual General Meeting of Shareholders

Rhea-AI Summary

LogicMark, Inc. (Nasdaq: LGMK) held its annual general meeting on August 25, 2022, where all five board nominees were elected. Notably, the appointment of BPM as the independent accounting firm was not ratified by majority vote; however, the board reaffirmed their decision for BPM to serve in that capacity for fiscal 2022. The 2022 Stock Incentive Plan and the reincorporation from Delaware to Nevada also failed to gain majority approval. CEO Chia-Lin Simmons acknowledged shareholder support and highlighted ongoing growth plans.

Positive

• None.

Negative

• The appointment of BPM as the independent accounting firm was not ratified by a majority vote.
• The 2022 Stock Incentive Plan was not approved by a majority vote.
• The reincorporation from Delaware to Nevada was not approved by a majority vote.

LOUISVILLE, Ky., Sept. 01, 2022 (GLOBE NEWSWIRE) -- LogicMark, Inc. (Nasdaq: LGMK) (the “Company” or “LogicMark”), a provider of personal emergency response systems (PERS), health communications devices, and technology for the growing care economy, today announces the results from its 2022 annual general meeting of shareholders held August 25, 2022.

All five of the Board’s nominees - Chia-Lin Simmons, Robert A. Curtis, Sherice R. Torres, John Pettitt, and Barbara Gutierrez were elected to serve as directors of the Company. The appointment of BPM as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2022 was not ratified by the affirmative vote of a majority of the shares outstanding and entitled to vote on the matter, however the Audit Committee and the full board of directors of the Company reconsidered the appointment and affirmed its decision to have BPM serve as the Company’s independent registered public accounting firm for its fiscal year ending December 31, 2022. The adoption of the Company’s 2022 Stock Incentive Plan was not approved by the affirmative vote of a majority of the shares outstanding and entitled to vote on the matter. The reincorporation of the Company from Delaware to Nevada pursuant to a merger with and into a to-be-formed wholly-owned subsidiary of the Company created solely for the purpose of effecting the reincorporation merger was not approved by the affirmative vote of a majority of the shares outstanding and entitled to vote on the matter. The full vote results are disclosed in a Current Report on Form 8-K filed with the SEC on August 29, 2022.

Chia-Lin Simmons, CEO of LogicMark commented, “We appreciate all of the support we received from shareholders who heard our message and read our letters. We are encouraged by the progress we continue to make in executing our expansive growth plans to drive value for all our shareholders.”

About LogicMark, Inc.

LogicMark, Inc. (Nasdaq: LGMK) provides personal emergency response systems (PERS), health communications devices and technologies to create a Connected Care Platform. The Company’s devices give people the ability to receive care at home and confidence to age in place. LogicMark revolutionized the PERS industry by incorporating two-way voice communication technology directly into its medical alert pendant and providing this life-saving technology at a price point everyday consumers can afford. The Company’s PERS technologies are sold through the United States Veterans Health Administration and dealers/distributors.  LogicMark has been awarded a contract by the U.S. General Services Administration that enables the Company to distribute its products to federal, state, and local governments.   

Forward-Looking Statements   

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management’s current expectations, as of the date of this press release, and involve certain risks and uncertainties. Forward-looking statements include statements herein with respect to the successful execution of the Company’s business strategy. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors. Such risks and uncertainties include, among other things, our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the availability of financing; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; the Company’s ability to maintain its Nasdaq listing for its common stock; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the SEC. 

Investor Relations Contact:  
CORE IR  
Investor@logicmark.com 
516 222 2560

Media:
Jules Abraham
917 885 7378

FAQ

What were the results of LogicMark's annual meeting on August 25, 2022?

All five board nominees were elected, but major proposals, including BPM's appointment and the Stock Incentive Plan, did not receive majority approval.

What is the significance of the failed proposals at LogicMark's annual meeting?

The failure to approve BPM as the independent accounting firm and other proposals could impact company operations and shareholder confidence.

Who were elected as directors of LogicMark during the annual meeting?

The elected directors include Chia-Lin Simmons, Robert A. Curtis, Sherice R. Torres, John Pettitt, and Barbara Gutierrez.

What specific issues were highlighted in LogicMark's press release regarding its annual meeting?

The press release noted the non-ratification of BPM's appointment and the failure of the 2022 Stock Incentive Plan and reincorporation proposals.