2020 Special Meeting of Stockholders

Yesterday Genius Brands held a Special Meeting of Stockholders to consider two proposals:

  • The first to increase the number of the company’s authorized shares of common stock
  • The second to approve the 2020 Incentive Plan

Both proposals passed by overwhelming margins, garnering shareholder support with ~80% in favor and ~89% in favor, respectively, of voted shares.

In the interest of being as open as possible with our shareholders, while at the same time respecting the limitations of what we can disclose as a public company, we wanted to reiterate several points about these proposals.

To be clear, the approved increase in authorized shares does not mean that Genius has issued more shares. Instead, and as stated in the proxy, we will use these authorized shares to acquire valuable companies which we believe are accretive to our company and bring incremental value to our shareholders. We have been and continue to be evaluating companies of value which meet the above criteria, however we cannot comment more specifically until after any transaction(s) is concluded. The authorized shares able to be issued based on today’s vote results will be issued pursuant to that strategy.

The 2020 incentive plan, will help us attract and retain top talent in what is a highly competitive industry. Our stellar Board and executives are critical to Genius’ success as a company and we need to ensure that we continue to have the very best team in the business.

We are grateful to our shareholders for their support at today’s Special Meeting. Moving forward, we remain fully committed to executing against our strategy and creating real value for Genius Brands shareholders.

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