Kirkland’s has extended the voting deadline for its upcoming special shareholders meeting originally scheduled for December 23 involving the partnership and investment deal it struck with Beyond. Kirkland’s noted preliminary results suggest its shareholders support the arrangement.
Based on votes submitted as of December 19, 94.3% of votes represented in person or by proxy were for the proposed deal, one that includes issuance of Kirkland’s common stock to Beyond, Inc. However, Kirkland’s only has received proxies representing 37.2% of total shares outstanding as of the record date, less than the majority needed under applicable law and the company’s bylaws.
Kirkland’s will convene the special meeting as scheduled and adjourn it to a later date, providing time to satisfy applicable quorum requirements, the company stated.
“The strong positive preliminary vote results have confirmed broad shareholder support,” Amy Sullivan, Kirkland’s CEO. “We are thankful for our shareholders for their participation in this important process. The approval of the proposal is a key milestone in strengthening our financial position heading into 2025. Our teams remain committed to furthering the strategic initiatives at Kirkland’s Home and are continuing to work together with the Beyond team to revitalize the iconic Bed Bath and Beyond brand and build the foundation for its brick-and-mortar strategy. We believe through this partnership we will accelerate our growth trajectory and deliver long-term value to our shareholders. We believe that providing more time for the company to solicit votes and for additional shareholders to participate, especially as we move past the holidays, will secure a quorum.”
Marcus Lemonis, Beyond executive chairman of board, added, “We support the decision to extend the voting period to ensure all Kirkland’s shareholders have ample opportunity to participate, particularly given the busy holiday season. With the preliminary voting results thus far, we are extremely confident that shareholders understand the merits of our strategic partnership. We have strong conviction in the management team and look forward to working together towards our common goals including enhancing the Bed Bath and Beyond brand with an omni-channel offering for customers.”
