More than five years in the making, the project has raised nearly $1.7 million among 550 investors to bring a full-service grocery store to West Oakland, one of the East Bay’s largest food deserts.
OAKLAND — A community-centered grocery store and cafe will break ground this month in West Oakland, where the store’s founders say is lacking options for fresh, healthy, affordable groceries.
Notice of Meeting of Shareholders
People’s Community Market, Inc.
January 22, 2018
To: Shareholders of People’s Community Market
A meeting of the shareholders of People’s Community Market, Inc. (the “Corporation”) will be held at 11:00 a.m. on Thursday, February 22, 2018. There are two ways to participate and vote at the meeting:
1) Participate online. Please click here to register . You will then receive information about accessing the online meeting. Please note that software is not needed if you use the Chrome browser. If you use another browser to access the online you will be prompted to download software to your computer.
2) Vote your shares by proxy. Click here to sign the proxy form online through Docusign. Alternatively, click here to access a PDF of the Proxy Form to print, complete by hand and mail to our office. Please submit your Proxy Form to us by no later than Wednesday, February 21, 2018.
At this meeting, shareholders will be asked to vote on an amendment to the Corporation’s articles of incorporation to increase the number of authorized shares of preferred stock, which will allow the Corporation to raise additional the capital.
The resolution shareholders will be asked to vote on is as follows:
RESOLVED, that Article III of the Corporation’s Articles of Incorporation is hereby amended and restated to read in full as follows:
This Corporation is authorized to issue two classes of stock to be designated, respectively, “Common Stock” and “Preferred Stock.” The total number of shares which the Corporation is authorized to issue is five million two hundred and fifty thousand (5,250,000) shares; four million (4,000,000) shares of which shall be Common Stock (the “Common Stock”), and one million two hundred and fifty thousand thousand (1,250,000) shares of which shall be Preferred Stock (the “Preferred Stock”). The Preferred Stock and the Common Stock shall each have a par value of one-hundredth of a dollar ($0.01) per share. All of the one million two hundred and fifty thousand (1,250,000) shares of Preferred Stock are hereby designated “Series A Preferred Stock” (the “Series A Preferred”).
The quoted paragraph in the above resolution indicates in green the changes made to the existing articles of incorporation. More information about the proposed amendment is provided in the email sent to shareholders from Brahm Ahmadi, the Corporation’s President and CEO.
Your vote is essential to the achievement of our mission because we need the affirmative vote of a majority of outstanding preferred shares in order to approve this amendment and to complete the final phase of our direct public offering.
We look forward to your participation and vote at the meeting or by proxy.
Michele Thorne, Corporate Secretary
January 22, 2018