INDUSTRIAL SERVICES OF AMERICA, INC. (NASDAQ:IDSA) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the annual meeting of shareholders of the Company on November 20, 2019, shareholders (1) elected each of the five Company nominees to serve a one-year term on the Company\’s Board of Directors; (2) approved the sale of substantially all of the assets of the Company (the “Asset Sale”); (3) approved the dissolution of the Company, contingent upon the consummation of the Asset Sale; (4) approved an amendment to the Company’s Articles of Incorporation to change the Company’s name to “Recycling Asset Holdings, Inc.,” contingent upon the consummation of the Asset Sale; (5) approved (on an advisory basis) certain severance compensation payable as a result of the Asset Sale and dissolution; (6) ratified the appointment of MCM CPAs & Advisors LLP as the Company\’s independent registered public accounting firm for the fiscal year ending December 31, 2019; (7) approved (on an advisory basis) the compensation paid to the Company’s Named Executive Officers; (8) determined (on an advisory basis) the frequency of an advisory vote to approve the compensation paid to the Company’s Named Executive Officers; and (9) approved the authority of the Board of Directors to adjourn or postpone the annual meeting to solicit additional proxies. The results of the voting are shown below.
Proposal 1 – Election of Board of Directors
| 7,262,763 | 634,205 | 154,657 | — |
About INDUSTRIAL SERVICES OF AMERICA, INC. (NASDAQ:IDSA)
Industrial Services of America, Inc. buys, processes and markets ferrous and non-ferrous metals, and other recyclable commodities. The Company operates through Recycling Segment. The Company’s Recycling Segment collects, purchases, processes, and sells ferrous and non-ferrous scrap metal to steel mini-mills, integrated steel makers, foundries and refineries. It buys, dismantles and sells used auto parts. It purchases ferrous and non-ferrous scrap metal from industrial and commercial generators of steel, iron, aluminum, copper, stainless steel and other metals, and from scrap dealers and retail customers who deliver these materials to its facilities. It processes scrap metal through sorting, cutting and baling. Its non-ferrous scrap recycling operations consist of collecting, sorting and processing various grades of copper, aluminum, stainless steel and brass. Its used automobile yard purchases automobiles so that retail customers can locate and remove used parts for purchase.
