CorEnergy Announces Results of Annual Meeting, Conversion of Series C Preferred Equity

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") today announced results from its 2021 annual meeting of stockholders. In addition, the Board of the Company authorized management to enter into an agreement to convert the right to receive the Company’s 9.0% Series C Preferred Stock into 7.375% Series A Cumulative Redeemable Preferred Stock.

"We are grateful for the affirmative votes on all four 2021 annual meeting ballot items, and in particular the overwhelming support of stockholders for the issuance of our Class B Common Stock associated with the Crimson Transaction earlier this year and the internalization of our REIT manager. We believe that both of these ballot items represent important steps forward as we work to build the industry’s first midstream infrastructure REIT that can both own and operate select assets," said Dave Schulte, Chief Executive Officer. "Additionally, the board authorization to enter into an agreement to convert the right to receive our 9.0% Series C Exchangeable Preferred equity into 7.375% Series A Cumulative Redeemable Preferred equity, upon execution and assuming effectiveness as of June 30, is expected to reduce our expected annual preferred dividend cost by more than $450,000 and further simplify our capital structure."

Annual Meeting of Stockholders Results

CorEnergy held its annual meeting of stockholders on June 29, 2021. At the meeting, voting stockholders approved all four items of business described in the proxy statement:

(1)		to elect one director, David J. Schulte, to serve until the Company’s 2024 annual meeting of stockholders and until his successor is duly elected and qualified;
(2)		to approve the issuance of Class B Common Stock upon conversion of the Series B Preferred Stock issuable pursuant to the terms of the Crimson Transaction;
(3)		to approve a Contribution Agreement and the transactions contemplated by the Contribution Agreement to internalize the Company’s external manager, Corridor InfraTrust Management, LLC through the acquisition of Corridor in exchange for the Internalization Consideration; and
(4)		to ratify the selection of Ernst & Young LLP as the Company’s independent registered public accounting firm for its fiscal year ending December 31, 2021.