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Susglobal Energy Corp.

10/03/2024 | Press release | Distributed by Public on 10/03/2024 15:08

Management Change/Compensation Form 8 K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 27, 2024, a majority of the shareholders of SusGlobal Energy Corp. (the "Company") acting via written consent in lieu of a special meeting, in compliance with Article 1 Section 9 of the Company's bylaws, voted to approve the removal of Bruce Rintoul from his position as a member of the board of directors of the Company (the "Board"), effective immediately.

Based on discussions with Mr. Rintoul prior to his appointment to the Board in February 2023, the Company's management and Board had the impression that Mr. Rintoul would help facilitate a possible transaction with a company in the environmental services industry at which Mr. Rintoul had previously been employed.

Mr. Rintoul did not facilitate this possible transaction.

In addition, all members of the Board were asked to lend money to the Company or buy shares of the Company's common stock to enable the Company to pay fees owed to the Company's independent registered public accounting firm to enable the Company to file its Form 10-Q for the period ended March 31, 2024 and June 30, 2024. Mr. Rintoul declined to lend money to the Company or buy shares of the Company's common stock.

Following Mr. Rintoul not lending money or buying shares, shareholders with a majority of the shares felt that Mr. Rintoul was not acting in the best intertest of the Company and voted to remove him.

The Company has provided Mr. Rintoul with a copy of this Current Report on Form 8-K no later than the date of its filing with the Securities and Exchange Commission and will provide Mr. Rintoul with the opportunity to furnish the Company, as promptly as possible, with a letter addressed to the Company stating whether he agrees with the statements made by the Company in response to this Item 5.02 and, if not, stating the respects in which he does not agree.