Company: MGLD
Filing Date: 2025-09-19
Form Type: 10-K
Source: 0001493152-25-014286
Chunk: 178

Company: Marygold Companies, Inc.
Filing Date: 2025-09-19
Form: 10-K
Item: Item 1A
Chunk 178
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 have a board comprised of a majority of independent directors,  our audit committee, nomination and governance committee and compensation committees are comprised
solely of independent directors. If the makeup of one or more of our board, audit, nomination and governance committee
or compensation committee changes such that we no longer comply with the independence standard of the NYSE American guidelines, then
our stockholders may not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance
requirements of the NYSE American rules.

The
Company’s CEO, through family trusts, controls a significant percentage of our common stock, and may exert significant control
over matters subject to stockholder approval as well as heightened voting power at the board level, preventing other stockholders and
new investors from influencing significant corporate decisions.

Mr.
Nicholas D. Gerber, the President and Chief Executive Officer of the Company and Chairman of the Board of the Company, is the
beneficial owner of 18,690,773 shares of our common stock, par value $0.001 per share (the “Common Stock”), representing
approximately 43.4% of our total issued and outstanding Common Stock (giving effect to the conversion of all shares of our Series B
Preferred Stock). Mr. Gerber’s Common Stock is held by the Nicholas and Melinda Gerber Living Trust (the “Gerber
Trust”), of which Nicholas Gerber and Melinda Gerber are the  trustees. As such, the Gerber Trust and
Mr. Gerber share power to vote or to direct the voting of the shares and share power to dispose or to direct the disposition of Common
Stock beneficially owned or controlled by Mr. Gerber.

Mr.
Scott Schoenberger is a member of the Board of Directors of the Company. Mr. Schoenberger’s shares of Common Stock are held by
the Schoenberger Family Trust (the “Schoenberger Trust”). Mr. Schoenberger serves as the sole trustee of the Schoenberger
Trust. As such, the Schoenberger Trust and Mr. Schoenberger share power to vote or to direct the vote of the shares and share power to
dispose or to direct the disposition of these shares. Shares of our Common Stock held by Schoenberger Trust total 4,697,993 shares, representing
10.9% of the outstanding shares of Common Stock (giving effect to the conversion of all Series B Preferred Stock).

Additionally,
pursuant to a voting agreement (“