Form 8-K - Current report
30 July 2024 - 6:05AM
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2024-07-29
2024-07-29
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2024-07-29
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities
Exchange Act of 1934
July 29, 2024
Date of Report (date of earliest event reported)
Steel Connect, Inc.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-35319 |
|
04-2921333 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
590 Madison Avenue, 32nd Floor, New York New York |
|
10022 |
(Address of Principal Executive Offices) |
|
(Zip Code) |
(914) 461-1276
Registrant’s telephone number, including
area code
Not Applicable
(Former name or former address, if changed since
last report.)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
below):
| ☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.01 par value |
|
STCN |
|
Nasdaq Capital Market |
Rights to Purchase Series D Junior Participating Preferred Stock |
|
-- |
|
Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. ☐
Item 5.07. Submission of Matters to a Vote
of Security Holders.
On July 29, 2024, Steel Connect, Inc., a Delaware
corporation (the “Company”), convened its virtual annual meeting of stockholders of the Company (the “Annual Meeting”)
at 12:00 p.m., Eastern Time.
At the close of business on June 5, 2024, the record
date for the determination of stockholders entitled to vote at the Annual Meeting, there were 6,304,750 outstanding shares of the Company’s
common stock, par value $0.01 per share (the “Common Stock”) entitled to one vote per share. In addition, as of the record
date, there were 35,000 shares of Series C preferred stock (the “Series C Preferred Stock”) and 3,500,000 shares of Series
E preferred stock (the “Series E Preferred Stock”) outstanding, convertible into 1,913,265 and 19,809,785 shares of Common
Stock, respectively, and the holders thereof were entitled to vote the Series C Preferred Stock and Series E Preferred Stock, as applicable,
on each matter brought before the Annual Meeting on an as-converted basis together with the holders of the Common Stock (i.e., the 35,000
shares of Series C Preferred Stock and 3,500,000 shares of Series E Preferred Stock had the same voting power as 1,913,265 and 19,809,785
shares of Common Stock, respectively). In aggregate, as of the record date, there were 28,027,800 voting interests of shares of Common
Stock constituting all of the outstanding voting securities of the Company.
The total number of shares of Common Stock (including
those entitled to vote on an as-converted basis) that voted in person or by proxy at the Annual Meeting was 25,658,285, representing approximately
91.5% of the 28,027,800 shares of capital stock outstanding and entitled to vote at the Annual Meeting, and which constituted a quorum
for the transaction of business.
The results of the stockholder vote on each proposal
brought before the Annual Meeting were as follows:
Proposal No. 1-Election of Directors. Stockholders
elected each of the following directors to serve in Class III until the Company’s 2026 annual meeting of stockholders and until
their successors are duly elected and qualified.
Nominee |
|
For |
|
Withheld |
|
Broker Non-Votes |
Jeffrey J. Fenton |
|
24,317,681 |
|
497,973 |
|
842,631 |
Jeffrey S. Wald |
|
24,306,634 |
|
509,020 |
|
842,631 |
Renata Simril |
|
24,326,366 |
|
489,288 |
|
842,631 |
Proposal No. 2-Advisory Vote to Approve Executive Compensation.
Stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers.
For |
|
Against |
|
Abstain |
|
Broker Non-Votes |
24,560,694 |
|
112,803 |
|
142,157 |
|
842,631 |
Proposal No. 3-Advisory Vote to Approve the Frequency of the
Vote on Executive Compensation. Stockholders approved, on an advisory basis, the frequency of one year for future advisory votes
on the compensation of the Company’s named executive officers.
One Year |
|
Two Years |
|
Three Years |
|
Abstain |
|
Broker Non-Votes |
24,646,322 |
|
3,006 |
|
6,736 |
|
159,590 |
|
842,631 |
Proposal No. 4-Ratification of Independent Registered Public
Accounting Firm. Stockholders ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered
public accounting firm for the current fiscal year.
For |
|
Against |
|
Abstain |
25,650,331 |
|
3,052 |
|
4,902 |
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 29, 2024 |
Steel Connect, Inc. |
|
By: |
/s/ Ryan O’Herrin |
|
Name: |
Ryan O’Herrin |
|
Title: |
Chief Financial Officer |
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Jul. 29, 2024 |
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Document Period End Date |
Jul. 29, 2024
|
Entity File Number |
001-35319
|
Entity Registrant Name |
Steel Connect, Inc.
|
Entity Central Index Key |
0000914712
|
Entity Tax Identification Number |
04-2921333
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
590 Madison Avenue
|
Entity Address, Address Line Two |
32nd Floor
|
Entity Address, City or Town |
New York
|
Entity Address, State or Province |
NY
|
Entity Address, Postal Zip Code |
10022
|
City Area Code |
914
|
Local Phone Number |
461-1276
|
Written Communications |
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Pre-commencement Tender Offer |
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Entity Emerging Growth Company |
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|
Common Stock, $0.01 par value |
|
Title of 12(b) Security |
Common Stock, $0.01 par value
|
Trading Symbol |
STCN
|
Security Exchange Name |
NASDAQ
|
Rights to Purchase Series D Junior Participating Preferred Stock |
|
Title of 12(b) Security |
Rights to Purchase Series D Junior Participating Preferred Stock
|
Trading Symbol |
None
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Security Exchange Name |
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