Cardinal Ethanol LLC

10/01/2024 | Press release | Distributed by Public on 10/01/2024 10:20

Proxy Results Form 8 K

Item 5.07 Submission of Matters to a Vote of Security Holders.
On September 26, 2024, Cardinal Ethanol, LLC (the "Company") held a special meeting of the members (the "2024 Special Meeting") to:
•Vote to amend and restate the Second Amended and Restated Operating Agreement of the Company dated February 1, 2006, to provide, among other things, for four separate and distinct classes of membership units: Class A, Class B, Class C and Class D Units as set forth in the proposed Third Amended and Restated Operating Agreement ("Proposal 1"); and
•Vote to rename certain of our outstanding membership units as Class A Units, and reclassify others on the basis of one Class B, Class C and Class D Unit for each currently held for the purposes of discontinuing the registration of our membership units under the Securities Act of 1934 ("Proposal 2").
Proposal 1 and Proposal 2 were conditioned on each other. Of the Company's 14,606 membership units issued, outstanding and entitled to vote at the 2024 Special Meeting, 8,781 units, or approximately 60% of the total units, were present either in person or by proxy. As a result, a quorum was present to conduct business at the 2024 Special Meeting.
Proposal 1 and Proposal 2 were each approved by the members at the 2024 Special Meeting and the votes on each were as follows:
Proposal 1: Approve the Third Amended and Restated Operating Agreement
For Against Abstentions
7,438 1,305 38
Proposal 2: Reclassification of the Company's Units
For Against Abstentions
7,373 1,378 30
Approximately 85% of the units present, in person or by proxy, were voted in favor of Proposal 1. Approximately 84% of the units present, in person or by proxy, were voted in favor of Proposal 2. The Company intends to implement the reclassification of the Company's units effective on approximately October 2, 2024.
No other matters were voted upon at the 2024 Special Meeting.