LogicMark Announces Voting Results of the Special Meeting of Stockholders

Rhea-AI Summary

LogicMark, Inc. (NASDAQ: LGMK) held a Special Meeting of Stockholders on March 7, 2023, where all proposals were approved. Key approvals included ratifying BPM LLP as independent accountants for the fiscal year ending December 31, 2022, adopting the 2023 Stock Incentive Plan, and reincorporating from Delaware to Nevada. Additionally, shareholders approved two reverse stock splits for common and Series C preferred stocks. CEO Chia-Lin Simmons expressed optimism about shareholder support in advancing the company’s growth strategy. Detailed voting results are available in a Current Report filed with the SEC.

Positive

• All shareholder proposals approved, indicating strong investor confidence.
• Ratification of BPM LLP as independent accountants supports financial oversight.
• Adoption of the 2023 Stock Incentive Plan may enhance employee retention and motivation.
• Reincorporation from Delaware to Nevada could offer favorable business conditions and tax benefits.

Negative

• None.

LOUISVILLE, Ky., March 07, 2023 (GLOBE NEWSWIRE) -- LogicMark, Inc. (NASDAQ: LGMK) (the “Company”) today announced the results of the Special Meeting of Stockholders, held this afternoon.

All proposals subject to vote were approved by shareholders, including the ratification of the appointment of BPM LLP as the Company’s independent registered public accountants for the fiscal year ending December 31, 2022, the adoption of the Company’s 2023 Stock Incentive Plan, the reincorporation of the Company from Delaware to Nevada, and the Company’s two reverse stock split proposals relating to the Company’s common stock and Series C preferred stock, as described in the Proxy Statement on Schedule 14A, filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 31, 2023, as amended on February 2, 2023 (the “Proxy Statement”). Detailed voting results are disclosed in a Current Report on Form 8-K filed by the Company with the SEC on March 7, 2023.

Chia-Lin Simmons, CEO of LogicMark commented, “We are encouraged by the support of our shareholders as we continue to pursue our expansive plans to establish the right foundation upon which to grow. We believe that with the passing of these crucial proposals, we have taken broad steps toward that end.”

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 Special Meeting, the proposals in the Proxy Statement and 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; 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
julesa@coreir.com

FAQ

What were the results of LogicMark's Special Meeting of Stockholders on March 7, 2023?

All proposals were approved, including the appointment of BPM LLP as accountants and the adoption of the 2023 Stock Incentive Plan.

What is the significance of the reverse stock splits approved by LogicMark's shareholders?

The approved reverse stock splits for common and Series C preferred stocks may help improve stock market perception and compliance with listing requirements.

Why did LogicMark reincorporate from Delaware to Nevada?

Reincorporation may provide more favorable business conditions and potential tax benefits.

What does the adopted 2023 Stock Incentive Plan mean for LogicMark?

The plan is expected to enhance employee motivation and retention through stock-based incentives.