Quarterly report pursuant to Section 13 or 15(d)

Proxy Contest and Related Costs

v3.20.2
Proxy Contest and Related Costs
6 Months Ended
Jun. 30, 2020
Other Income and Expenses [Abstract]  
Proxy Contest and Related Costs Proxy Contest and Related Costs
During the six months ended June 30, 2020, the Company engaged in a proxy contest with Privet Fund Management, LLC ("Privet") and UPG Enterprises, LLC ("UPG"), which parties acted as a group during the proxy contest. At the Company’s Annual Meeting of Shareholders held on June 30, 2020 (the “Annual Meeting”), the Company’s independent shareholders voted the Company’s proxy card, resulting in five (of eight) incumbent Board members being re-elected to the Board of Directors.  Due to cumulative voting, a unique voting method permitted by the Company’s Certificate of Incorporation, Privet and UPG were able to cumulate their group-owned shares to elect three (of eight) new directors at the Annual Meeting.
During the three and six months ended June 30, 2020, total costs incurred by the Company relating to the proxy contest were $2.7 million and $2.9 million, respectively.