NEW YORK - Bark Inc. (NYSE:BARK), a specialty retail company, announced the results of several shareholder proposals voted upon during its Annual Meeting held on September 12, 2024. The company, known for its unique positioning in the retail sector, saw the election of Class C director nominees, ratification of its independent accounting firm, approval of executive compensation, and an amendment to its Certificate of Incorporation.
Shareholders elected Larry Bodner and Jim McGinty as Class C directors, both slated to serve until the 2027 annual meeting. The voting results showed strong support, with Bodner receiving 88,658,790 votes for and 382,457 withheld; McGinty garnered 84,036,233 votes for, with 5,005,014 withheld. Both elections witnessed a significant number of broker non-votes, tallying 40,108,824.
In addition, the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2025, was ratified with 128,697,753 votes for, 362,174 against, and 90,144 abstentions.
An advisory vote to approve the compensation of Bark Inc.'s named executive officers passed with 88,134,300 votes for, 751,425 against, and 155,522 abstentions, alongside a similar number of broker non-votes as the director elections.
Furthermore, shareholders approved an amendment to the company's Certificate of Incorporation to remove the waiver and renunciation of corporate opportunities related to Bark Inc. This proposal required a majority vote and passed with 88,647,895 votes for, 283,701 against, and 109,651 abstentions.
The company’s Chief Legal Officer and Secretary, Allison Koehler, confirmed the outcomes in a filing with the U.S. Securities and Exchange Commission. The voting results reflect shareholder support for the current direction of Bark Inc., as it continues to navigate the retail industry landscape.
In other recent news, BARK, Inc., known for its BarkBox subscription service, has been making significant strides in its business operations. The company reported strong Q1 results, with revenue exceeding expectations at $116.2 million and a gross margin of 63%. Despite a negative adjusted EBITDA of $1.8 million, the figure represents a 76% year-over-year improvement.
In addition to these developments, BARK's balance sheet remains solid, with $118 million in cash, and the company has reaffirmed its full-year guidance with expected revenue of $490 to $500 million. These recent developments indicate BARK's commitment to growth and profitability.
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