Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 335

DPW Holdings, Inc. Announces Adjournment of Annual Meeting of Stockholders

Posted by fidest press agency su giovedì, 4 luglio 2019

DPW Holdings, Inc. (NYSE American: DPW) a diversified holding company (“DPW,” or the “Company”) today announced partial results and the partial adjournment of the Company’s 2019 Annual Meeting of Stockholders (the “Annual Meeting”), which was held at 9:00 a.m. on July 2, 2019 and, at which time, all director nominees were elected and Proposals 2, 3 and 6, as set forth in the Company’s Definitive Proxy Statement, were approved by stockholders. Stockholders voted, on an advisory basis, in favor of annual votes on executive compensation (Proposal 4).
The Company adjourned the meeting with respect to Proposal 5 (to approve a reverse stock split of our common stock by a ratio of not less than one-for-5 and not more than one-for-40, with the exact ratio to be set by the board of directors) and Proposal 7 (to approve an amendment to our 2018 Stock Incentive Plan, which would, among other things, increase the number of shares of our common stock that may be issued thereunder to a total of 7,000,000 shares), in each case for the limited purpose of allowing additional time for stockholders to vote on the proposal.While Proposal 5 exceeded 64% approval of the votes cast, approval of more than 50% of all outstanding shares of our capital stock is necessary for the proposal to be approved. While the votes cast prior to adjournment strongly favored the reverse split proposal, no more than approximately 43.1% of votes were cast; approximately 33% of the shares remained unvoted on Proposal 5.Proposal 7 did not require approval of more than 50% of all outstanding shares of our capital stock for the proposal to be approved, no more than approximately 33% of the votes were cast in favor of Proposal 7, whereas approximately 64% of such votes were case against Proposal 7.Based on the total votes cast prior to adjournment in the case of Proposal 5 and the votes against in the case of Proposal 7, and in order to simplify these proposals, the board of directors (the “Board”) elected to withdraw Proposals 5 and 7 and adjourn the Annual Meeting until 9:00 a.m. (Pacific Time) on July 19, 2019 for the sole purpose of allowing additional time for stockholders to vote on Proposals 5 and 7.

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