Of the 269,360,643 shares outstanding as of the August 12 record date, 191,872,323 shares (71.24%) were voted. The 127,819,048 shares voted in favor of the proposal represented 66.61% of votes cast and 47.45% of the outstanding shares. Approval of the proposal required a majority of the outstanding shares to vote in favor; accordingly, the vote fell 2.56% short.
During the week following the Company's October 11th announcement of its pending acquisition of a 51% equity interest in Global Medical Direct, LLC, interest in the reverse stock split proposal increased dramatically. During that period, the number of shares voted in favor of the proposal increased by 42,312,013 (an increase of nearly 50%) and the number of shares voted against the proposal decreased by 29,497,077 (a decrease of almost 32%) and the number of shares voted overall increased by 11,749,664 (a 13% increase).
In light of the increased stockholder support for the reverse stock split proposal as evidenced by the voting pattern over the past week, the Company will appeal the Panel's delisting determination to the NASDAQ Listing and Hearing Review Council. The Listing Council is a standing independent advisory committee appointed by NASDAQ's Board of Directors that, among other things, hears appeals of Panel decisions to delist. The suspension of the Company's common stock from trading on NASDAQ will remain in place throughout the appeal process, although the stock will be quoted on the OTCQB during that time.
About Pink OTC Markets Inc.
Pink OTC Markets Inc. is a financial information and technology services company that operates an inter-dealer electronic quotation and trading system in the Over-The-Counter (or OTC) securities market. It is not registered with the Securities and
|SOURCE Generex Biotechnology Corporation|
Copyright©2010 PR Newswire.
All rights reserved