Item 5.07 Submission of Matters to a Vote of Security Holders.
Proposal 1: To approve an amendment to the Company's Articles of Incorporation to effect a reverse split of the common stock of the Company in a ratio of 1-for-2,000, which would result in:
a. holdings prior to such split of fewer than 2,000 shares of Common Stock being converted into a fractional share, which will then be immediately cancelled and converted into a right to receive the cash consideration described in the proxy statement, and
b. Company having fewer than 500 stockholders of record, allowing the Company to deregister its Common Stock under the Securities Exchange Act of 1934 and avoid the costs associated with being a public reporting company.
For Against Abstain Broker Non-Vote 22,410,920 38,761 5,194 876,443 Proposal 1 was approved. 2
© Edgar Online, source