ADW Capital urges Select Interior holders to request legal proxy to deny quorum
In a letter to shareholders of Select Interior Concepts, ADW Capital stated in part, "Dear Shareholders of Select Interior Concepts, As you may be aware, ADW Capital Management is the advisor to the entities that own 2,514,900 shares of Select Interior Concepts representing an interest of roughly 9.73% in the company. We believe that this Board's recent behavior and aura of complacency makes no financial or strategic sense. However, despite what we view as the colossal failure of this Management Team and Board of Directors thus far in creating shareholder value, SIC today has incredibly coveted assets in ASG and RDS. In order to prevent any further destruction of shareholder value that could include a DILUTIVE transaction or putting significant LEVERAGE on our business, we must let this Board and Management Team know that shareholder concerns need to be taken seriously. We are therefore urging shareholders NOT TO VOTE their shares at SIC's upcoming annual meeting to prevent the company from obtaining a quorum for this meeting. You must follow these instructions to ensure your shares are not counted towards quorum! YOU HAVE UNTIL TUESDAY AT 11:59 PM TO PULL YOUR SHARES FROM QUORUM. DO NOT WAIT UNTIL THEN!"