In a recent development, N2OFF Inc. (NASDAQ:NITO), a company specializing in agriculture chemicals, held a special meeting of stockholders where a reverse stock split was approved. The meeting, which took place on Thursday, June 28, 2024, saw shareholders vote in favor of a reverse stock split at a ratio between 1-for-2 and 1-for-35. The board now has the discretion to determine the exact ratio within this range and the timing of the implementation.
The reverse stock split proposal received approximately 88.61% of the votes in favor, with 1,332,313 votes for, 171,094 against, and 3,077 abstentions out of the 1,978,049 shares represented at the meeting. This turnout constituted a quorum, with 57.48% of the outstanding shares entitled to vote.
A second proposal to increase the number of authorized shares of capital stock from 500 million to over 10 billion was not approved. The measure needed a majority of the voting power but only received 37.77% approval, with 1,299,977 votes for, 203,525 against, and 2,982 abstentions.
Additionally, the shareholders authorized the adjournment of the special meeting, if necessary, to solicit further proxies in the event there were insufficient votes for the reverse stock split and authorized capital increase proposals. This adjournment proposal passed with 1,548,524 votes for, 426,670 against, and 2,855 abstentions.
The special meeting’s outcomes are based on the company’s proxy statement filed with the Securities and Exchange Commission on May 31, 2024. The decisions made at this meeting are crucial for N2OFF Inc. as they move forward with corporate restructuring plans. No other matters were voted upon during the special meeting. This article is based on information from an SEC filing.
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