CorMedix Inc. (CRMD) Earnings Call Transcript & Summary

Welcome to the 2020 Annual Meeting for CorMedix. Our host for today's call is Khoso Baluch, CEO. [Operator Instructions]. I will now turn the call over to your host, Mr. Baluch, you may begin, sir.

Thank you, Paul. Good morning. I'm Khoso Baluch, Chief Executive Officer of CorMedix, Inc. It is a pleasure to welcome you to our 2020 Annual Meeting of Stockholders, which is being held virtually as a result of the pandemic. This meeting is now called to order. Before we begin, I'd like to introduce the company's officers who are with us today, including Dr. Phoebe Mounts, CorMedix's General Counsel; and Dr. Matt David, CorMedix's Chief Financial Officer. I would now like to turn the meeting over to Matt David to handle procedural matters. Matt?

Thank you, Khoso. I have been appointed the inspector of elections, and Jeff Letalien our legal counsel, has been appointed secretary of the meeting. I will handle procedural matters and conduct the formal business of the meeting. The record date for the meeting was October 19, 2020. Only company stockholders of record on the close of business on that date are entitled to vote at this meeting. I have before me a complete list of the stockholders of record prepared and certified by VStock Transfer LLC, which indicates the address of each stockholder on the number of shares registered in the name of each stockholder. I have received an affidavit of mailing from Broadridge Financial Services, Inc. indicating that notice of the availability of the proxy materials was mailed on or about November 4, 2020, to all holders of record of Common Stock Series E preferred stock and Series G preferred stock. The proxy materials will be mailed with the minutes of this meeting. As the inspector of elections for the meeting, I have signed an oath of office, which is available for your examination and will be filed with the minutes of this meeting. We have present by proxy a sufficient number of shares of common stock, Series E preferred stock and Series G preferred stock to constitute a quorum, so the meeting is duly constituted. We will vote by proxy today. If you have turned in your proxy card and do not intend to change your vote, then it is not necessary that you vote because we will count your proxy. The polls are still open until the close of voting during this meeting. In order to simplify the vote tabulation, we ask any of you who plan to vote at this meeting and have not already done to follow the instructions on the meeting website now, which has information for shareholders. The polls will remain open for each proposal until the results of such proposal are announced. The results of the voting will be reported at the end of this meeting. I would now like to turn the meeting over to Khoso for the formal business.

Thank you, Matt. As described in the notice of meeting, we are voting on 2 agenda items today. These items have been described in the proxy material previously made available to all stockholders of record for the meeting. The first item on which we are voting today is the election of 7 directors to serve on the company's Board of Directors until the next Annual Meeting or until their successors have been elected and qualified. Management slate consists of myself, Paulo Costa, Janet Dillione, Greg Duncan, Alan Dunton, Myron Kaplan and Steve Lefkowitz. If you have not yet voted by proxy, please follow the directions on the meeting website now to vote. The second item on which we are voting today is the ratification of the appointment of Friedman LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020. If you have not yet voted by proxy, please follow the directions on the meeting website now to vote. [Voting]

The polls are now closed. For the results of the voting, I'll turn the meeting over to Matt.

Thanks, Khoso. We have completed the preliminary tally of votes. The preliminary results are as follows: of the 35,051,268 votes of holders of shares of common stock, Series E preferred stock and Series G preferred stock eligible to vote at this meeting; shares with a total voting power of approximately 28,233,986 votes were represented by proxy. This represents approximately 80.6% of the total voting power of the shares eligible to vote. The first proposal was to elect 7 directors to serve on the company's Board of Directors until the next annual meeting or until their successors have been elected and qualified. I hereby declare that all of the nominees received sufficient votes and that, therefore, each of Mr. Baluch, Mr. Costa, Ms. Dillione, Mr. Duncan, Dr. Dunton, Mr. Kaplan and Mr. Lefkowitz is elected to the Board. The second proposal was the ratification of the appointment of Friedman LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2020. An aggregate of approximately 96.2% of the total voting power of the shares represented and voting voted in favor of this proposal. I hereby declare that the proposal has been passed by the necessary vote. This brings the formal business of the meeting to an end. I would like to thank all the stockholders who participated by proxy.

Thank you, Matt. There being no further business. Do I have a motion to adjourn the meeting?

I move to adjourn the meeting.

Thank you, Phoebe. Is there a second?

I second that.

Thank you, Matt. The meeting is adjourned. Happy holidays, and be safe. The meeting is ended.

This now concludes the meeting. Thank you for joining, and have a pleasant day.