Item 7.01. Regulation FD Disclosure.
On October 21, 2021, Waterside Capital Corporation (the “Company”) mailed to stockholders a notice (the “Notice”) that a special meeting of the Company’s stockholders (the “Special Meeting”) will be held at 9:00 a.m., local time, on November 15, 2021. The Special Meeting will be held at the Hampton Inn Business Center, 450 Jesse Jewell Pkwy SW, Gainesville, GA 30501.
As described in the Notice, at the Special Meeting, stockholders will be asked to vote on a Plan of Conversion (the “Plan of Conversion”) of the Company, pursuant to which the Company will convert from a Virginia corporation to a Nevada corporation (the “Conversion”). The presence in person at the Special Meeting of stockholders holding more than two-thirds of the votes entitled to be cast on the Plan of Conversion is required in order for a quorum to be at the Special Meeting, and approval of the Plan of Conversion requires the approval of each class or series of shares voting as a separate voting group at a meeting at which a quorum of the voting group exists consisting of more than two-thirds of the votes entitled to be cast on the plan by that voting group. The Company currently has only one class stock outstanding (the common stock), and Ryan Schadel, the Company’s Chief Executive Officer and Secretary, currently holds 69.7% of the issued and outstanding common stock. Mr. Schadel is expected to vote his shares “FOR” the approval of the Conversion and the Plan of Conversion. Therefore, if Mr. Schadel is present at the Special Meeting, which the Company expects will be the case, a quorum will be present and the Conversion and the Plan of Conversion will be approved.
