Published on July 31, 2010 at 4:47 AM
Generex Biotechnology Corporation (Nasdaq:GNBT) (www.generex.com) today announced the results of the Company's annual meeting of stockholders held on July 28, 2010.
At the annual meeting of stockholders, the following current directors were elected to serve on the Board of Directors until the next annual meeting of stockholders: Anna Gluskin, Rose Perri, Brian McGee, John Barratt, and Nola Masterson. Stockholders also ratified the appointment of MSCM LLP as the Company's independent registered public accounting firm for the year ending July 31, 2011.
The proposed Amendment to the Articles of Incorporation of the Company to effect a reverse stock split was not approved by the stockholders. Although 60.62% of shares voted at the meeting were voted in favor of the proposed Amendment, it was not approved because an affirmative vote from more than 50% of the outstanding shares was required. Because the Amendment was not approved by the stockholders, the Company's common stock may be delisted from The Nasdaq Stock Market.
In an effort to prevent the Company's common stock from being delisted, the Company has requested that the Nasdaq Hearings Panel grant the Company additional time to hold a special meeting of the stockholders at which the requisite stockholder votes to approve the Amendment will be sought. To achieve the requisite votes, the Company will work with its proxy solicitation agent, Morrow & Co., LLC, to design and implement an aggressive, targeted solicitation strategy. The Company cannot be certain that the Panel will grant the Company's request.
SOURCE Generex Biotechnology Corporation