Kanen Nominates Five Highly-Qualified Candidates for Election to the 1847 Goedeker Inc. Board at 2021 Annual Meeting
September 09 2021 - 11:00AM
Kanen Wealth Management, LLC (together with its affiliates,
“Kanen”), a stockholder of 1847 Goedeker Inc. (NYSE: GOED)
(“Goedeker” or the “Company”), with an ownership interest of
approximately 5.5% of the Company’s outstanding common shares,
today announced its nomination of five (5) highly-qualified and
independent candidates for election to the Company’s Board of
Directors (the “Board”) at the upcoming Annual Meeting of
Shareholders (the “Annual Meeting”) scheduled for November 10,
2021.
David Kanen, the managing member of Kanen Wealth
Management, stated, “We were pleased with the Company’s
announcement on September 3, 2021, naming Albert Fouerti Chief
Executive Officer and Ellery Roberts Executive Chairman of the
Board. While this marks a positive step for the Company, we believe
that Messrs. Fouerti and Roberts will require an enhanced Board
with deeply relevant skillsets to support them in their pursuits of
growth and value creation at the Company. The Company, itself,
seems to acknowledge the need to strengthen the Board. We have
nominated a slate of five highly-qualified independent directors.
To be clear, we are not looking to replace either Messrs. Fouerti
or Roberts. Rather, our objective in nominating this
highly-qualified slate of director candidates is to ensure that a
fully aligned, shareholder-minded Board is in place with directors
who have directly relevant skillsets to help oversee the next phase
of the Company’s transformation. We appreciate the
dialogue we have had to date with management and the Board of
Goedeker and remain open to continuing an open and constructive
dialogue regarding a reconstitution of the Board.”
Biographies of Kanen’s Nominees (in alphabetical
order):
David L. Kanen (age 55)
- Has served as the Managing Member
of Kanen Wealth Management, LLC, a registered investment advisor
and as President and Portfolio Manager of Philotimo Fund, LP, a
hedge fund focused on small-cap value and activist, each since
2016.
- Mr. Kanen served as an independent
advisor at Aegis Capital, Inc., a full service securities
broker-dealer, from 2012 to 2016.
- Mr. Kanen served as a retail and
institutional financial advisor at A.G. Edwards & Sons, Inc., a
full service securities broker-dealer, from 1992 to 2004.
- Mr. Kanen has served on the Board
of Build a Bear Workshop Inc., a global retail company, since July
2019. Previously, Mr. Kanen served on the Boards of other public
companies, including BBQ Holdings, Inc. (f/k/a Famous Dave’s of
America, including as Chairman of the Board from February 2019 to
May 2021, and CarParts.com, Inc. (f/k/a U.S. Autoparts Network,
Inc.), from January 2019 to June 2020.
- Mr. Kanen received a B.S. in
Marketing from Jacksonville University.
Nanxi Liu (age 31)
- Chief Executive Officer and
Co-Founder of Enplug, Inc., a digital signage software company,
since 2012.
- Ms. Liu has served as the Chief
Financial Officer and Co-Founder of Nanoly Bioscience, Inc., a
biotechnology company, since 2011 and she has served as a Partner
at Xfactor Ventures, LP, a venture capital fund, since September,
2018.
- Independent Director of
CarParts.com, Inc. (f/k/a U.S. Autoparts Network, Inc.), since July
2020.
- Ms. Liu has served as a member of
the California New Motor Vehicle Board, Department of Motor
Vehicles, a judicial body overseeing motor vehicle industry related
disputes in the State of California, and as a Member of the Board
of Advisors of Covington Capital Management, an investment
advisor.
- Ms. Liu served on the Board of
Kindred Biosciences, Inc., a veterinary biopharmaceutical company,
from February 2021 to August 2021.
- Ms. Liu received her B.S. in
Business Administration and B.A. in Political Economy from the
University of California, Berkeley.
David Meniane (age 38)
- Chief Operating and Financial
Officer at CarParts.com, Inc. (f/k/a U.S. Autoparts Network, Inc.),
since March 2019.
- Mr. Meniane served as Executive
Vice President of L.A. Libations, LLC, a start-up accelerator for
consumer packaged goods companies in North America, from August
2016 to March 2019.
- Chief Executive Officer of
Victoria’s Kitchen, LLC, a specialty beverage company, from October
2011 through its acquisition by Hispanica International, Inc. in
October 2017.
- Served as Chief Financial Officer
of Aflalo & Harkham Investments, a commercial real estate
investment partnership, from 2012 to 2013.
- Mr. Meniane holds a B.S. in
Accounting and a M.B.T. from the University of Southern California
and is a certified C.P.A.
Mehran Nia (age 56)
- Senior Consultant for CarParts.com,
Inc. (f/k/a U.S. Autoparts Network, Inc.), an e-commerce car parts
company that he Co-Founded, since April 2021.
- Prior to that, Mr. Nia served as
CarParts.com, Inc.’s Chief Executive Officer and President from
1995 to 2007. In addition, Mr. Nia served on the Board of
CarParts.com, Inc. from 1995 to 2007, and from May 2018 to April
2021.
- Mr. Nia also served on the Board of
Mylife.com, Inc., an e-commerce company, from 2014 to 2018.
- Mr. Via studied biology at San
Diego State University.
L. William Varner, Jr. (age
70)
- Chief Executive Officer and on the
Board at Select Interior Concepts, Inc., a distributor of interior
building products, since June 2020.
- Served as Chief Executive Officer
of United Subcontractors, Inc., an installed building materials
company, from July 2012 to May 2018.
- Previously, Mr. Varner served as
President and Chief Executive Officer and served on the Board of
Aquilex Corporation, a specialty service provider to the energy
sector, from 2004 to 2012.
- Mr. Varner has served on the Board
of Acousti Engineering Company of Florida, an Ardian portfolio
company.
- Mr. Varner has served as President
for several global businesses in various equipment/component
manufacturing and service industries. Previously, Mr. Varner served
on the Board of Bartlett Holdings, Inc. (n/k/a BHI Energy), an
industrial maintenance solutions company, from January 2011 to July
2017. Also, Mr. Varner served on the Board of The Identity Group
Holdings Corporation, a signage solutions company, from March 2012
to June 2014.
- Mr. Varner received his B.A. from
The Citadel.
About Kanen Wealth Management, LLC
Kanen Wealth Management, LLC is a Florida-based
investment adviser with a focused and differentiated fundamental
approach to investing primarily in publicly traded U.S. companies.
Kanen invests in deeply undervalued companies and actively engages
with management teams and boards of directors to identify and
execute on opportunities to unlock value for the benefit of all
stockholders.
Investor contacts:David L. Kanen, (631)
863-3100www.kanenadvisory.com
Certain Information Concerning the
Participants
CERTAIN INFORMATION CONCERNING THE
PARTICIPANTS
Kanen Wealth Management, LLC, together with the
other participants named herein (collectively, “Kanen”), intends to
file a preliminary proxy statement and accompany WHITE proxy card
with the Securities and Exchange Commission (“SEC”) to be used to
solicit votes for the election of its slate of highly-qualified
director nominees at the 2021 annual meeting of stockholders of
1847 Goedeker Inc., a Delaware corporation (the “Company”).
KANEN STRONGLY ADVISES ALL SHAREHOLDERS OF THE
COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON
THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV. IN ADDITION, THE
PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE
PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.
REQUESTS FOR COPIES SHOULD BE DIRECTED TO THE PARTICIPANTS' PROXY
SOLICITOR.
The participants in the proxy solicitation are
anticipated to be Philotimo Fund, LP (“Philotimo”), Philotimo
Focused Growth and Income Fund, a series of World Funds Trust, a
Delaware statutory trust (“PHLOX”), Kanen Wealth Management, LLC
(“KWM”), David L. Kanen, Nanxi Liu, David Meniane, Mehran Nia and
L. William Varner, Jr. As of the date hereof, Philotimo directly
owns 3,061,870 shares of common stock par value $0.0001 per share,
of the Company (the “Common Stock”). As of the date hereof, PHLOX
directly owns 500,000 shares of Common Stock. As of the date
hereof, KWM may be deemed to beneficially own 5,663,736 shares of
Common Stock, consisting of (i) 3,061,870 shares of Common Stock
directly held by Philotimo, (ii) 500,000 shares of Common Stock
directly held by PHLOX and (iii) 2,101,866 shares of Common Stock
directly held by KWM. As of the date hereof, Mr. Kanen may be
deemed to beneficially own 5,873,123 shares of Common Stock,
consisting of (i) the 5,663,736 shares of Common Stock that may be
deemed to be beneficially owned by Kanen Wealth Management, LLC
(“KWM”) and (ii) 209,387 shares of Common Stock directly held by
Mr. Kanen. KWM, as the general partner of Philotimo, may be deemed
to beneficially own the shares of Common Stock directly held by
Philotimo and as the investment manager of PHLOX, may be deemed to
beneficially own the shares of Common Stock directly held by PHLOX.
Mr. Kanen, as the managing member of KWM, may be deemed to
beneficially own the shares of Common Stock directly held by KWM,
Philotimo and PHLOX. As of the date hereof, Mr. Meniane directly
owns 10,000 shares of Common Stock. As of the date hereof, Mr. Nia
directly owns 664,072¹ shares of Common Stock. As of the date
hereof, none of Ms. Liu or Mr. Varner owns any shares of Common
Stock.
__________________________________________¹
Includes 34,072 shares of Common Stock issuable upon exercise of
certain warrants owned by Mr. Nia.
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