Good day everyone, welcome to the Aterian, Inc. special meeting. Now I'll turn the call over to your host, CEO Arturo Rodriguez. Please go ahead.
Thank you. Good morning. Welcome to the special meeting of stockholders of Aterian, Inc. I'm Arturo Rodriguez, the Chief Executive Officer of the company, it's my pleasure to welcome all of you to our virtual meeting. We have stockholders attending via the web portal. It is our intention to conduct this meeting in accordance with the rules of conduct. The time is now 10:01 A.M. Eastern Time, this special meeting of stockholders of Aterian, Inc. is officially called to order. I would like to introduce Josh Feldman, our Chief Financial Officer and Corporate Secretary. We also have John DePinto of Laurel Hill Advisory Group, who will act as the inspector of elections for this meeting.
Thanks, Arturo.
Over to you, Josh.
This meeting is held pursuant to a notice mailed on or about June 9, 2026, to each stockholder of record on May 29, 2026, who is entitled to vote. The inspector of election has informed me that at least one-third in voting power of the shares of our capital stock issued and outstanding and entitled to vote are present in person or by remote communication or represented by proxy. Therefore, a quorum is present, and this meeting is lawfully convened and ready to transact business.
Thank you, Josh. The first item on today's agenda is the vote on proposal 1, also referred to as the asset sale proposal, as described in our proxy statement for this special meeting. I will now ask the corporate secretary to report the preliminary voting results of this proposal.
Thanks, Arturo. Based on the preliminary report of the inspector of election, proposal 1 has not received the required number of votes from our stockholders to be approved at this time.
Thank you, Josh. Sorry, I tripped on you. We are grateful for all these who have voted. While we have achieved the quorum, in light of the preliminary voting results, we still need a little more time for proposal 1, the asset sale proposal. As stated in our proxy statement, the proposal requires the affirmative vote of the holders of the majority of the outstanding shares of our common stock entitled to vote thereon to be approved. When we consider the level of retail holdings in our common stock, we believe it would be in the best interest of the company and our stockholders to provide more time for our stockholders to vote. Accordingly, because proposal 1 has not yet received sufficient votes for approval, the board of directors has determined that it is in the best interest of the company and the stockholders to adjourn this meeting.
This adjournment will provide company with more time to solicit additional proxies and continue our engagement with stockholders regarding this important proposal and provide more time for our stockholders to cast their votes. The company will publicly announce the new date and time for the special meeting on the current report on Form 8-K to be filed with the Securities and Exchange Commission once such details have been determined and approved by our board of directors. Though we do expect the meeting will be held no later than July 17th, the meeting format will remain unchanged. We are almost there. We only need about 2.7% or 285,000 more shares to approve Proposal 1, and many shareholders still have not voted. We need stockholders who haven't voted to please vote. For shareholders who have voted, again, thank you.
Please let your fellow shareholders know who have not voted that we need their vote. Every vote counts. We believe the passing of this vote on all proposals will lead to a strong return to stockholders between $0.85 to $1.14 and a great opportunity for Aterian to enter new business lines. Again, we encourage all stockholders who have not yet voted to do so as soon as possible. Thank you for everyone for your participation today. This meeting is now adjourned.
That concludes our meeting today. You may now disconnect.