Shineco Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
UNITED STATES
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As reported in Item 5.07 below, on October 21, 2024, the stockholders of Shineco, Inc. (the “Company”) approved the Company’s 2025 Equity Incentive Plan (the “2025 Equity Incentive Plan”), pursuant to which 6,500,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), will be made available for issuance under the 2025 Equity Incentive Plan. The 2025 Equity Incentive Plan is filed herein as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On October 21, 2024, the Company held the 2025 annual general meeting of shareholders (the “Meeting”). At the Meeting, the Company’s shareholders voted on 4 proposals. At the beginning of the Meeting, 15,635,925 shares of the Common Stock, which represents 47.68% of the outstanding shares of the Common Stock and voting power of the Common Stock entitled to vote at the Meeting were represented by proxy. Accordingly, the holders of one-third of the Common Stock outstanding and entitled to vote at the Meeting were present and we had a quorum for the transaction of business.
We are filing this Current Report on Form 8-K to disclose the voting results from the Meeting.
| 1. | To approve an amendment to the Company’s certificate of incorporation to effect, at the discretion of its Board of Directors (the “Board”), a reverse stock split of the Common Stock at a ratio of not less than 1-for-2 and not more than 1-for-25, subject to the Board’s authority to abandon such amendment (the “Reverse Stock Split”). |
| For | Against | Abstain | ||
| 15,379,246 | 254,174 | 0 |
Accordingly, the Reverse Stock Split was approved. The Board intends to effect the Reverse Stock Split within the approved ratio in the near future. The Company will file another current report on Form 8-K to disclose when the Reverse Stock Split is implemented.
| 2. | To approve the 2025 Equity Incentive Plan. |
| For | Against | Abstain | ||
| 15,458,482 | 121,573 | 55,870 |
Accordingly, the 2025 Equity Incentive Plan was approved.
| 3. | Elect seven directors to the Board to serve until their successors are duly elected and qualified at the 2026 annual meeting of stockholders or until their earlier resignation or removal. |
| Name | For | Against | Abstain | |||||||||
| Mike Zhao | 15,475,143 | 76,279 | 84,503 | |||||||||
| Sai (Sam) Wang | 15,457,141 | 94,281 | 84,503 | |||||||||
| Jennifer Zhan | 15,410,094 | 141,328 | 84,503 | |||||||||
| Mingyong Hu | 15,460,818 | 90,604 | 84,503 | |||||||||
| Aamir Ali Quraishi | 15,475,698 | 75,706 | 84,521 | |||||||||
| Xiqiao Liu | 15,462,008 | 89,413 | 84,504 | |||||||||
| Hu Li | 15,460,514 | 89,522 | 85,889 | |||||||||
Accordingly, all director nominees were elected.
| 4. | Ratify the appointment of Assentsure PAC as the independent registered public accounting firm of the Company for the fiscal year ending June 30, 2025. |
| For | Against | Abstain | ||
| 15,523,923 | 49,629 | 62,373 |
Accordingly, Assentsure PAC was reappointed as the Company’s independent registered public accounting firm for the fiscal year ending June 30, 2025.
| Item 9.01. | Financial Statements and Exhibits. |
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Exhibit No. |
Description | |
| 10.1 | 2025 Equity Incentive Plan | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
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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.
| Shineco Inc. | ||
| Date: October 25, 2024 | By: | /s/ Jennifer Zhan |
| Jennifer Zhan, Chief Executive Officer | ||
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