Earth Science Tech Inc. (OTC: ETST), a strategic holding company in the healthcare, pharmacy, and telemedicine sector, held its first Annual Meeting of Stockholders virtually on August 31, 2026, according to a press release. During the meeting, shareholders approved several key proposals aimed at positioning the company for future growth and potential uplisting to a national exchange such as Nasdaq or the New York Stock Exchange (NYSE).
Shareholders authorized the Board of Directors to pursue a reverse stock split, if deemed necessary, within a 12-month period. The authorization gives the Board discretion to implement the split to meet the minimum bid price requirements for an uplisting to Nasdaq or NYSE. Giorgio R. Saumat, CEO and Chairman of the Board, emphasized that he will not support a reverse split unless it is clearly in the best interests of shareholders.
In addition, stockholders authorized the Board’s Independent Special Committee to negotiate the retirement of the Series B Preferred Stock. This move would eliminate the company’s current dual-class voting structure, potentially simplifying the company’s governance and making it more attractive to institutional investors. The approval marks a significant step toward aligning the company’s capital structure with the standards of national exchanges.
Shareholders also ratified the appointment of Semple, Marchal & Cooper LLP as an independent registered public accounting firm for the company. The ratification ensures continued independent oversight of the company’s financial reporting, a critical requirement for uplisting and maintaining investor confidence.
Furthermore, seven director nominees were re-elected to the Board, providing continuity in leadership as the company executes its strategic initiatives. The re-election of the directors signals shareholder support for the current management team and its vision.
Finally, shareholders authorized a new non-dilutive executive compensation framework. This framework is designed to incentivize and retain key executives without diluting existing shareholders, aligning executive interests with long-term shareholder value. The approval of this framework reflects the company’s commitment to prudent financial management and shareholder-friendly practices.
The approvals at the annual meeting are important because they provide Earth Science Tech with the necessary shareholder mandates to pursue an uplisting to a national exchange, which could increase the company’s visibility, liquidity, and access to capital. An uplisting to Nasdaq or NYSE would also subject the company to more rigorous listing standards and disclosure requirements, potentially enhancing its credibility among investors. Moreover, the elimination of the dual-class voting structure could make the company’s shares more appealing to a broader range of investors, including institutional funds that often have governance guidelines.
For more information, the latest news and updates relating to ETST are available in the company’s newsroom at https://ibn.fm/ETST. The full details of the proposals can be found at https://ibn.fm/HIqJ9.
