Sachem Capital Shareholders Re-elect Board
Sachem Capital Corp. (SACH) announced the adjournment of its Annual Meeting of Shareholders, originally held on October 13, 2021, concerning Proposal 2 to increase authorized capital. The meeting will resume virtually on November 3, 2021, at 10:00 a.m. EDT. The company seeks to secure shareholder approval for Proposal 2, requiring more than 50% of outstanding shares. Shareholders are encouraged to vote by November 2, 2021, at 11:59 PM EDT. Proposals 1, 3, and 4 regarding directors, auditor appointments, and executive compensation received approval during the initial meeting.
- Proposals 1, 3, and 4 received shareholder approval during the meeting.
- Adjournment allows additional time for shareholder participation in the vote on Proposal 2.
- Proposal 2 to increase authorized capital has not yet been approved and requires more than 50% approval.
- The need to adjourn indicates potential shareholder dissent regarding Proposal 2.
Vote on Proposal to Increase Authorized Capital Adjourned and Rescheduled for November 3, 2021
The Company encourages all shareholders who have not yet voted on Proposal 2 to do so by 11:59 PM EDT on November 2, 2021
Shareholders may vote their shares by calling InvestorCom at (877) 972-0090
BRANFORD, Conn., Oct. 13, 2021 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE American: SACH) today announced that its 2021 Annual Meeting of Shareholders (the “Annual Meeting”), scheduled for Wednesday, October 13, 2021 at 10:00 a.m. Eastern Daylight Saving Time, was convened on Proposals 1 (election of directors), 3 (advisory approval of the appointment of auditors) and 4 (advisory approval of executive compensation), each as set forth in the Company’s Definitive Proxy Statement filed with the U.S. Securities and Exchange Commission on September 10, 2021 (the “Proxy Statement”), all of which were approved. Details of the vote will be available in the Company’s Form 8-K reporting the voting results of the Annual Meeting to be filed with the Securities and Exchange Commission and will be available on the Company’s website upon filing.
The Company adjourned the Annual Meeting with respect to Proposal 2, to amend its certificate of incorporation to increase the number of authorized capital shares of the Company. Approval of more than
The Company encourages all shareholders of record as of August 30, 2021 who have not yet voted on Proposal 2, or who voted against Proposal 2, to vote to approve Proposal 2, by 11:59 PM Eastern Daylight Saving Time on November 2, 2021. Shareholders of record may vote their shares by calling InvestorCom at (877) 972-0090.
About Sachem Capital Corp.
Sachem Capital Corp. specializes in originating, underwriting, funding, servicing, and managing a portfolio of first mortgage loans. It offers short-term (i.e., three years or less) secured, nonbanking loans (sometimes referred to as “hard money” loans) to real estate investors to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The company does not lend to owner occupants. The company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the company’s loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate. Each loan is also personally guaranteed by the principal(s) of the borrower, which guaranty may be collaterally secured by a pledge of the guarantor’s interest in the borrower. The company also makes opportunistic real estate purchases apart from its lending activities. The company believes that it qualifies as a real estate investment trust (REIT) for federal income tax purposes and has elected to be taxed as a REIT beginning with its 2017 tax year.
Investor & Media Contact:
Crescendo Communications, LLC
Email: sach@crescendo-ir.com
Tel: (212) 671-1021
FAQ
What is the status of Sachem Capital's Proposal 2?
When do shareholders need to vote for Proposal 2?
What were the outcomes of the Proposals 1, 3, and 4?
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