At the Special Shareholders Meeting (3/21/11), the agenda includes the approval of an amendment to increase the number of authorized shares of common stock and the approval of an amendment to the 2009 Omnibus Equity Incentive Plan to increase the number of shares authorized for issuance.
The 2 proposals scheduled to be voted on at the Special Meeting:
- Approval to increase the number of shares of common stock authorized for issuance from 62,5M shares to 150M shares;
- Approval to increase the incentive plan by 3.9M shares from 3.25M shares to 7.15M shares;
The Bottom Line: “The principal purpose to authorize additional shares of common stock will be to raise additional capital through the sale of such common stock, including a market offering. The additional authorized shares will also be available in the event the BOD determines that it is necessary or appropriate to use common stock to acquire another company or its assets, to establish strategic relationships with corporate partners or for other corporate purposes”.