Assertio Holdings, Inc. Announces Adjournment of Annual Meeting of Shareholders
- Adjournment Solely to Vote on the Reverse Split and Proportional Authorized Shares Reduction Proposal (Proposal 2) and Increase in Authorized Shares Proposal (Proposal 3)
- Both Leading Independent Advisory Firms have Issued Favorable Recommendations on Proposal 2 and Proposal 3
The Company adjourned the meeting with respect to Proposal 2 (the “Reverse Split and Proportional Authorized Shares Reduction Proposal”) and Proposal 3 (the “Increase in Authorized Shares Proposal”) for the limited purpose of allowing additional time for stockholders to vote.
Support for Proposal 2 has exceeded 80% of the votes cast on the proposal, though approval of more than 50% of all of the Company’s outstanding shares of common stock is necessary for the proposal to be approved. While the votes cast prior to adjournment strongly favor Proposal 2, approximately 86 million shares remained unvoted on the proposal at the time of adjournment. The principal reason for the Reverse Split and Proportional Authorized Shares Reduction Proposal is to give the Board discretion to increase the per-share trading price of the Company’s common stock to meet the minimum bid price requirements for continued listing on Nasdaq.
Support for Proposal 3 has exceeded 76% of the votes cast on the proposal. However, approval of more than 50% of all of the Company's outstanding shares of common stock is necessary for the proposal to be approved. While the votes cast prior to adjournment strongly favor Proposal 3, approximately 86 million shares remained unvoted at the time of adjournment.
Both leading independent proxy advisory firms,
“I particularly appreciate the substantial shareholder support for the reverse split and authorized shares reduction proposal, as demonstrated by the affirmative vote of 80% of the votes cast to date on this matter,” said
If you have any questions or need assistance voting your shares, please call the firm assisting
The adjourned 2021 Annual Meeting will be reconvened on
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Head, Investor Relations and Administration
Additional Information and Where to Find It
The Company has filed a definitive proxy statement on Schedule 14A and associated proxy card (the “Proxy Statement”) with the
Source: Assertio Holdings, Inc.
Minimum 15 minutes delayed.