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Level Brands Announces Results of 2019 Annual Shareholder Meeting

CHARLOTTE, N.C.--(BUSINESS WIRE)--

Shareholders Approve Name Change to cbdMD, Inc. Effective May 1st

Trading Symbol to Change to YCBD

On April 19, 2019, Level Brands, Inc. (NYSE American: LEVB) held its 2019 annual meeting of shareholders at which the following proposals were approved by the shareholders:

  • the election of nine directors, including three new directors expanding the depth of experience of our Board of Directors;
  • the name change of our company to cbdMD, Inc. (Which is expected to occur on May 1, 2019. The company also expects that our new ticker symbol on the NYSE American will be changed to “YCBD”);
  • the issuance of 15,250,000 shares of our common stock, as well as the possible issuance of an additional 15,250,000 shares upon the satisfaction of certain earnout criteria, pursuant to rights granted as consideration for the mergers which closed on December 20, 2018 pursuant to the terms of the Agreement and Plan and Merger dated December 3, 2018 by and among our company, our wholly-owned subsidiaries, and Cure Based Development, LLC;
  • the ratification of the appointment of Cherry Bekaert LLP as our independent registered public accounting firm; and
  • an amendment to our 2015 Equity Compensation Plan to increase the number of shares available for issuance under the plan.

Martin A. Sumichrast, the Chairman and CEO, stated, “We are honored to make history. cbdMD will be the first U.S. based CBD company to trade on a U.S. national exchange. cbdMD continues to lead the way in the CBD industry in America. Our products are connecting with our customers in a way that is truly incredible. As an everyday user of cbdMD, I can tell you it helps me. And I’m not alone. It is incredibly gratifying to receive so many testimonials about how our products are helping our customers live better lives. Likewise, our customers continue to shower praise on our pet products as our pet lines continue to expand. On behalf of all our employees, I look forward to updating you on the 2nd quarter earnings call in May. Until then, I hope you will visit our website at www.cbdmd.com. Try our products and see for yourself how cbdMD can make a positive difference in your day.”

Additional information regarding the results of our 2019 annual shareholder meeting is contained in the Current Report on Form 8-K which we filed with the Securities and Exchange Commission on April 19, 2019.

About our company

Level Brands owns and operates the nationally recognized consumer cannabidiol (CBD) brand cbdMD, whose current products include CBD gummies, CBD tinctures, CBD topical, CBD bath bombs, CBD oils, and CBD pet products. The company also operates a licensing and corporate brand management businesses as a personal products division.

Forward-Looking Statements

This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes.” These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Level Brands, Inc.’s Annual Report on Form 10-K for the fiscal year ended September 30, 2018 as filed with the SEC on December 12, 2018, our Quarterly Report on Form 10-Q for the period ended December 31, 2018 as filed with the SEC on February 14, 2019 and our other filings with the SEC. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are generally outside the control of Level Brands, Inc. and are difficult to predict. Level Brands, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law.

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