LQR House (NASDAQ:LQR) Announces Board of Directors Changes

LQR House Inc., a Nevada corporation listed on the Nasdaq Stock Market under the trading symbol LQR, made significant changes to its Board of Directors as reported in a Form 8-K filing with the Securities and Exchange Commission on December 19, 2024.

Following the 2024 Annual Meeting of Stockholders held on the same date, James Huber and Gary Herman resigned from their positions on the Board. Concurrently, the Board appointed Mr. Lijun Chen and Dr. Jing Lu to fill these vacancies, effective immediately. Mr. Chen was appointed as the Chairman of the Board, while Dr. Lu assumed roles on various committees within the Board.

It was noted that neither Mr. Chen nor Dr. Lu had any undisclosed transactions with the company that would require disclosure under Item 404(a) of Regulation S-K, nor were they selected as directors based on any pre-existing arrangements or understandings. Furthermore, new director Yilin Lu was designated as the Chairman of the Nominating and Corporate Governance Committee.

The newly elected and appointed directors, including Yilin Lu, Hong Chung Yeung, Lijun Chen, and Dr. Jing Lu, entered into a Director Agreement with the company. Per this agreement, directors are entitled to receive an annual cash fee of $36,000 for their services, paid in monthly installments. Additionally, each director will receive 50,000 restricted stock units, vesting in eight equal quarterly installments starting in the first quarter of 2025, subject to continued service with the Company.

At the virtual Annual Meeting held on December 19, 2024, LQR House sought shareholders’ approval on various proposals. The stockholders voted in favor of all six proposals presented, including the election of eight nominees to the Board, amendments to the company’s plans, and the ratification of the independent auditor for the fiscal year ending December 31, 2024.

On the following day, December 20, 2024, the company issued a press release announcing the appointment of Mr. Lijun Chen as Chairman and Dr. Jing Lu as a new board member. These appointments were highlighted as crucial steps for the strategic growth of LQR House, with both individuals bringing innovation and financial expertise to the leadership team.

The press release provided detailed backgrounds of Mr. Chen and Dr. Lu, emphasizing their extensive experience in various industries and their potential contributions to LQR House’s future development. It was noted that both new appointees joined the board following the resignations of Gary Herman and James Huber, who expressed confidence in the company’s future leadership.

Overall, the recent board changes and approvals of key proposals during the Annual Meeting are expected to shape and strengthen LQR House’s strategic direction and governance moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read LQR House’s 8K filing here.

LQR House Company Profile

LQR House Inc provides digital marketing and brand development services for the alcoholic beverage business in the United States. Its primary business includes the development of limited batch spirit brands and marketing internal and external brands through its CWS Platform. The company serves individual consumers, wholesalers, and third-party alcohol brands.