FGI Industries Ltd. (FGI) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. Welcome to our Annual Meeting of Stockholders, which is being held virtually by webcast and audio conference. It is now 9:00 a.m., and the meeting is called to order and the polls are open. I am John Chen, Executive Chairman and a member of the Board of Directors, and I will serve as Chair of the meeting. Joining me are Dave Bruce, our Chief Executive Officer; Perry Lin, our Chief Financial Officer; and Jae Chung, our Vice President of Investor Relations and Corporate Development. Jae will serve as the Secretary of this meeting, and Leicia Savinetti from Continental has been appointed to act as Inspector for the meeting. We are also joined by members of our Board of Directors as well as a representative of Marcum, LLC, our company's independently registered public accounting firm, is also present. Before we proceed, please note that we plan to answer any questions raised during the meeting after the meeting concludes. The record date for the determination of the holders of our common stock entitled to receive notice of and to vote at this meeting was fixed by the Board of Directors to be April 24, 2024. An affidavit of the mailing has been received, attesting that full set of proxy materials were distributed to each holder of the company's common stock as of the close of business on the record date. The affidavit will be attached to the minutes of this meeting. Mr. Secretary, do we have the preliminary report from the Inspector of Elections?

Yes. According to the report, as of the close of business on the record date, there were 9,547,607 shares of common stock issued and outstanding, and each share is entitled to one vote. The Inspector of Election's preliminary report shows that holders of at least 1/3 of the outstanding ordinary shares are represented at this meeting, either in person or by proxy.

Thank you. With that, a quorum is present for the transaction of business, and the meeting can proceed. Please note that the polls will be closed shortly. Jae, could you please describe the business of the meeting?

Yes. The agenda for today's meeting consists of 2 proposals: first, the election of 5 directors named in the proxy statement, namely David Bruce, John Chen, Todd Heysse, Kellie Zesch Weir and Anagha Apte; and second, ratification of the appointment of Marcum, LLC as the company's independent registered public accounting firm for 2023. The polls for voting on all matters are now open. If you are a shareholder entitled to vote and have not yet voted or you wish to change your vote, you can vote using the links on your screen using your 12-digit voting control number. If you have already voted by proxy, it is not necessary to do it again. [Voting]

Will the Secretary please report the results of the voting.

Based on a preliminary report of the Inspector of Election, each of the 5 director nominees received the affirmative vote of a plurality of the outstanding shares present at this meeting and entitled to vote. Accordingly, each has been elected to serve until the Annual Meeting of Stockholders to be held in 2025 or until a successor is duly elected. The proposal to ratify the appointment of Marcum, LLC received the affirmative vote of a majority of the outstanding shares of common stock present at the meeting and entitled to vote, and therefore, it has been approved.

Thank you. A final report of election will be prepared and we plan to report the results on the current report on Form 8-K. This concludes the formal business of today's virtual annual meeting. The meeting is adjourned. To the extent we have not addressed your question during this meeting, please send your question to our Investor Relations team after the meeting, and we will take steps to answer your question as soon as practicable after the annual meeting. The link to contact our Investor Relations team can be found in the Investor Relations section of our website. Thank you for attending and for your support of FGI Industries.