Laird Superfood, Inc. (LSF) Earnings Call Transcript & Summary

Welcome to the 2021 Annual Meeting of Laird Superfood Shareholders. I would now like to introduce the Board Chair, Geoff Barker.

Good morning, and [ welcome to the ] 2021 Annual Meeting of Stockholders of Laird Superfood, our first annual meeting as a public company. I am Geoff Barker, Chair of the Board of Directors of Laird Superfood. [Audio Gap] virtually over the Internet in order to ensure the health and welfare of our stockholders, directors and management in light of the COVID-19 pandemic, and to enable us to reach more stockholders to make it [Audio Gap] it would be the case with an in-person meeting. To all of our stockholders, I wish you the best for you and your families and your communities in these unprecedented times. There are 2 items of business on today's agenda: first, the election of directors; and second, the ratification of the appointment of Moss Adams as the company's independent registered public accounting firm for 2021. I will act as Chair of the meeting. If any [Audio Gap] on either of the proposals, please submit your comment using the Q&A button on the virtual platform, and we will read comments at the indicated time. In addition, after the business portion of the meeting, we will answer stockholder questions. [Audio Gap] is called to order. Now I would like to introduce the other members of the Board and company management present today. In addition to me, the other Directors present today are: Laird Hamilton, Co-Founder and Chief Innovator; Paul Hodge; Co-Founder and CEO; Jim Buechler; Greg Graves; Maile Naylor; and Tom Wetherald. We are also joined here today by Ms. Melissa Spain, representing the company's auditors, Moss Adams. She will be available to respond to questions during the question-and-answer session after the formal portion of the meeting. Tony Carideo of Broadridge has been appointed to act as inspector of election. [Audio Gap] Andrew McCormick, our General Counsel, will act as secretary of the meeting. I will now turn to him for certain procedural matters.

Good morning. [Audio Gap] As Mr. Barker mentioned, we will provide time for comments and questions in connection with this meeting. Only validated stockholders may make comments or ask questions. Out of consideration for others, please limit yourself to 1 comment or question at a time, and 1 question per proposal. The Board of Directors set March 12, 2021, as the record date for determining stockholders entitled to vote at this meeting. We have made available a list of stockholders of record as of that date, which is available for inspection today by stockholders on the meeting portal. The company has received an affidavit attesting that a notice of Internet availability of the notice of the meeting was mailed on or about March 23, 2021, to all stockholders as of the record date. The affidavit will be made part of the minutes of this meeting. There are present at this meeting, in-person or by proxy, stockholders representing an excess of a majority of the company's issued and outstanding shares as of the record date. Therefore, a quorum is present, and the business of the meeting may proceed. I will now hand the meeting back to Mr. Barker.

[Technical Difficulty]

Harrison, have we possibly lost Geoff? Can I be heard? Hi, Geoff, this is Andrew speaking. Do we have you back? Okay. I think we've lost Mr. Barker, so I am going to proceed with the meeting while we wait for him to rejoin. We will now transact the business for which this meeting has been called. I will present the 2 matters to be voted on, and we will give stockholders an opportunity to comment on the proposals after they have both been presented. The first matter that is now being submitted to stockholders for action today is the election of each of our Directors: Laird Hamilton; Paul Hodge; Geoff Barker; Jim Buechler; Greg Graves; Maile Naylor; and Tom Wetherald, as Directors of Laird Superfood, each to a term until the 2022 Annual Meeting of Stockholders or until a successor has been duly elected and qualified. Nominees will be elected as Directors by a plurality of the votes cast. The Board recommends a vote for each of the nominees. The second matter that is now being submitted to stockholders is ratification of the appointment of Moss Adams as Laird Superfood's independent registered public accounting firm for the year ended December 31, 2021. The Board recommends a vote for ratification of the appointment of Moss Adams. The affirmative vote of a majority of the votes cast on the proposal is required to ratify this appointment. Because no further business is scheduled to come before the stockholders, the polls are now open. Stockholders who have not yet voted or wish to change their vote may do so by clicking on the vote button on the virtual platform and casting their vote there. Stockholders who have previously voted and do not want to change their vote do not need to take any further action. While stockholders are voting, this meeting is open for discussion relating to the proposals being presented. If any stockholder would like to make a comment regarding either proposal, please submit the comment using the Q&A button on the virtual platform. We will wait for a moment for any comments.

Andrew, I'm now dialed in here.

Oh, great. Well, I will wrap up the comments and a pause for voting, and then we'll move to completion of formal business and hand it back to you, Geoff, but just one second while we wait for comments. Okay. No comments have been received. Now we will pause for a minute for any final voting. [Voting]

Now that everyone has had the opportunity to vote, the polls for the 2021 Annual Meeting are officially closed. With that, I once again turn the meeting over to Geoff Barker.

Thanks, Andrew. The preliminary vote report shows that each of the nominees for election to the Board has been duly elected, and that the appointment of Moss Adams as our independent registered public accounting firm for the year ended December 31, 2021, has been ratified. We will report the final results on a Form 8-K to be filed within 4 business days. There being no further business to come before the meeting, the 2021 Annual Meeting of Stockholders of Laird Superfood is now adjourned. Now we would like to open it up for stockholder questions. As a reminder, this session is being webcast live this morning and only validated stockholders will be able to ask questions. We will attempt to ensure that everyone has a -- that has a question will have a chance to be heard via the Q&A button on the virtual platform, and either I or representatives of management will respond to questions. However, in the interest of time, we will limit each individual to 1 question at a time, and discussion on each question will be limited. In addition, questions that, among other things, are not related to the business of the company or about personal concerns or that use offensive language will not be addressed. Finally, remarks made today may contain forward-looking statements. Actual results could differ materially from those projected. The company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or other factors.

Geoff, let's give just one moment for any questions.

Sure.

No questions have been received.

Seeing -- as we have no questions at this time, that concludes the question-and-answer period, and we're going to end the session now. I want to thank all of you for attending today's meeting and for your continued support of Laird Superfood.

This concludes Laird Superfood Annual Meeting of Shareholders. Thank you for your attendance. You may now disconnect.