CorMedix Inc. (CRMD) Earnings Call Transcript & Summary

Good day and welcome to the CorMedix Inc. 2021 Annual Meeting of Stockholders. I would now like to turn the conference over to Matt David, Interim Chief Executive Officer and Chief Financial Officer of CorMedix Inc. Please go ahead.

Thank you. Good morning. I am Matt David, Interim CEO and Chief Financial Officer of CorMedix. It is a pleasure to welcome you to our 2021 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 would like to introduce the company's officers who are with us today, including Dr. Phoebe Mounts, CorMedix' EVP and General Counsel; and Tom Nusbickel, EVP and Chief Commercial Officer. I would like to extend a welcome to our Board members who are also joining us today. I would now like to turn the meeting over to Phoebe Mounts to handle procedural matters. Phoebe?

Thank you, Matt. I have been appointed the inspector of elections. And Steven Navarro, our legal counsel, has been appointed the 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 15, 2021. 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 and 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 October 29, 2021 to all holders of record of common stock, Series E preferred stock and Series G preferred stock. The proxy materials will be maintained with the minutes of the 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 and 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 so 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 Matt for the formal business.

Thank you, Phoebe. As described in the notice of meeting, we are voting on 4 agenda items today. These items have been described in the proxy materials previously made available to all stockholders of record for the meeting. The first item on which we are voting today is the election of 6 directors to serve on the company's Board of Directors until the next annual meeting or until their successors have been elected and qualified. The proposed slate of Directors consists of Paulo Costa, Janet Dillione, Greg Duncan, Alan Dunton, Myron Kaplan and Steven Lefkowitz. If you have not voted by proxy yet, please follow the directions on the meeting website now to vote. The second item on which we are voting today is to approve on a nonbinding advisory basis our executive compensation. If you have not yet voted by proxy, please follow the directions on the meeting website now to vote. The third item on which we are voting today is to approve on a nonbinding advisory basis the frequency of future advisory votes on executive compensation. If you have not yet voted by proxy, please follow the directions on the meeting website now to vote. The fourth 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, 2021. 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 will turn the meeting over to Phoebe. Phoebe?

Thank you, Matt. Thanks, Matt. We have completed the preliminary tally of the votes, and the preliminary results are as follows. Of the 40,768,914 votes of holders of shares of common stock, Series E preferred stock and Series G preferred stock eligible to this meeting, shares with a total voting power of approximately 27,370,954 votes were represented by proxy. This represents approximately 67.13% of the total voting power of the shares eligible to vote. The first proposal was to elect 6 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. Costa, Ms. Dillione, Mr. Duncan, Dr. Dunton, Mr. Kaplan and Mr. Lefkowitz is elected to the Board. The second proposal was to approve on a nonbinding advisory basis our -- for our executive compensation. An aggregate of approximately 89.7% of the total voting power of the shares represented in voting, voted in favor of this proposal. I hereby declare that the proposal has been passed by the necessary vote. The third proposal was to recommend frequency of nonbinding advisory votes on executive compensation. An aggregate of approximately 85% of the total voting power of the shares represented in voting voted in favor of 1 year frequency. The fourth proposal was the ratification of the appointment of Friedman LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2021. An aggregate of approximately 96.9% of the total loading power of the shares represented in 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 of the stockholders who participated by proxy. I will now turn the meeting back to Matt.

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

I motion to adjourn the meeting. Is there a second?

I second the motion.

The meeting is now adjourned. Thank you, everyone.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.