Qumu Announces Results of 2022 Annual Meeting of Shareholders

Rhea-AI Summary

Qumu Corporation held its 2022 Annual Meeting of Shareholders on June 2, 2022, with approximately 77.5% of shares represented. All director nominees were elected, and significant proposals were approved, including executive compensation and an amendment to the stock incentive plan increasing share issuance by 1,200,000. A shareholder proposal for engaging an investment bank to sell Qumu received 52% approval. Chairman Neil Cox expressed gratitude to shareholders for their input, emphasizing the board's commitment to maximizing long-term value.

Positive

• All director nominees were elected by shareholders.
• Approval of an amendment to increase shares authorized for the stock incentive plan by 1,200,000.
• Shareholder endorsement of executive compensation on an advisory basis.

Negative

• The proposal to engage an investment bank for a potential sale was only advisory and met with 52% approval, indicating divided shareholder opinion.

MINNEAPOLIS--(BUSINESS WIRE)-- Qumu Corporation (Nasdaq: QUMU), a leading provider of cloud-based enterprise video technology, today announced the results of its 2022 Annual Meeting of Shareholders held Thursday, June 2, 2022 at 2:00 p.m. Mountain Time with respect to all proposals described in Qumu’s notice and proxy statement filed with the Securities and Exchange Commission on May 2, 2022.

A total of 13,846,935 shares of Qumu common stock were represented at the Annual Meeting, which is approximately 77.5% of the shares outstanding as of the close of business on the record date of April 25, 2022.

At the Annual Meeting, each director nominee was elected to serve as a director of the Company. Further, shareholders approved each of the following matters:

• Proposal 2: To approve, on a non-binding advisory basis, the compensation paid to Qumu’s named executive officers;
• Proposal 3: To approve an amendment to the Qumu Corporation Second Amended and Restated 2007 Stock Incentive Plan to increase the number of shares authorized for issuance by 1,200,000 shares; and
• Proposal 4: To ratify the appointment of KPMG LLP as the independent registered public accounting firm for Qumu Corporation for the year ending December 31, 2022.

With respect to Proposal 5, a shareholder proposal relating to the engagement of an investment bank for the sale of Qumu, the Qumu shareholders approved this proposal on an advisory basis with 52% of the shares voting in favor and 48% of the shares voting against or abstain.

“Thank you to all Qumu shareholders who voted and provided input on Proposal 5,” said Chairman Neil Cox. “Qumu’s board of directors appreciates all shareholder viewpoints and will continue to be open to and evaluate the feedback received from shareholders as we focus on maximizing long-term shareholder value.”

About Qumu

Qumu (Nasdaq: QUMU) is a leading provider of best-in-class tools to create, manage, secure, distribute and measure the success of live and on-demand video for the enterprise. The Qumu Cloud platform enables global organizations to drive human engagement, increase access to and insights from video use, and modernize the workplace by providing a more efficient and effective way to share knowledge.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may,” “will,” “expect,” “believe,” “anticipate,” or “estimate” or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements.

The risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include the risk factors described in the company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other factors set forth in the company’s filings with the Securities and Exchange Commission.

The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Qumu assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220603005097/en/

Qumu Media Contact:

Ashley Paula-Legge

Big Valley Marketing for Qumu

alegge@bigvalley.co

+1 707-972-0073

Qumu Investor Contact:

Matt Glover or Tom Colton

Gateway Investor Relations

QUMU@gatewayir.com

+1.949.574.3860

Source: Qumu Corporation

FAQ

What were the results of Qumu's 2022 Annual Meeting of Shareholders?

At Qumu's 2022 Annual Meeting, all director nominees were elected and significant proposals, including an increase in authorized shares and executive compensation, were approved.

How many shares were represented at Qumu's Annual Meeting?

A total of 13,846,935 shares of Qumu common stock were represented at the Annual Meeting, approximately 77.5% of the shares outstanding.

What key proposals were approved at Qumu's 2022 Annual Meeting?

Shareholders approved executive compensation, an amendment to increase shares for the stock incentive plan, and ratified KPMG as the independent accounting firm.

What was the outcome of the shareholder proposal regarding the sale of Qumu?

The shareholder proposal to engage an investment bank for a potential sale was approved on an advisory basis, receiving 52% support from votes.