Every company or joint stock company has a shareholders’ meeting as its highest corporate and administrative body, which performs certain functions. This group of partners, meeting in accordance with the provisions of the bylaws, is responsible for making all decisions and fulfilling the functions granted to them by law. The general shareholders’ meeting may hold ordinary and extraordinary meetings, something that has been precisely requested by RIV Capital’s shareholders. The company has now scheduled a special meeting after having listened to the different requests of this community.
The packaged cannabis products company focused on consolidating key brands in the country announced two days ago that it has put on the calendar a special meeting of its shareholders for June 6, 2023, at 10:00 AM EDT. The move comes shortly after shareholders previously submitted a formal request. Members of JW Asset Management (JWAM) were seeking to hold such a meeting to elect five new directors to the firm’s board of directors, among other things of critical importance.
In the same announcement, RIV Capital made it clear that May 3 has been set as the record date for determining which of the company’s shareholders are entitled to receive notice of and vote at the Special Meeting. At this time, there has been no indication that shareholders should take any action. The company will arrange for the preparation and delivery to the shareholders of a proxy circular in respect of the Special Meeting in accordance with applicable law.
The solicitation was sent to the management team during the last week of December. By that time, the firm assured that it would review and consider the solicitation with its professional advisors and respond appropriately in due course. In order to meet the needs of all parties involved, RIV Capital hopes that the meeting set for mid-year can clarify all the requests that the shareholders have in mind.