from the filing:
"
In order to comply with NASDAQ Marketplace Rule 5635(d), the Special Meeting was being held to approve the potential issuance of 20% or more of the Company's outstanding common stock upon the redemption or conversion of, payment of dividends on and conversion premium on the 790 shares of the Company's Series A Redeemable Convertible Preferred Stock (collectively, the "Preferred Shares") that the Company issued to an institutional investor (the "Fund") pursuant to that certain Stock Purchase Agreement, dated November 9, 2015, by and between the Company and the Fund (the "Purchase Agreement").
The Company no longer has any Preferred Shares outstanding. As previously disclosed, on February 3, 2016, the Company entered into that certain First Amendment to the Purchase Agreement, pursuant to which the Company agreed to issue to the Fund 8,316,678 shares of the Company's common stock (collectively, the "Shares"), which amount, when aggregated with the shares of the Company's common stock that the Company had previously issued to the Fund in connection with the Purchase Agreement, represent less than 20% of the Company's outstanding common stock. The Fund has converted the 790 Preferred Shares into shares of the Company's common stock and is no longer the holder of any Preferred Shares and, upon the timely delivery of the Shares, the Company will have no further obligations to the Fund with respect to any of the Preferred Shares. Since the Company will not be issuing 20% or more of its outstanding common stock to the Fund stockholder approval is no longer required, and the Board determined to cancel the Special Meeting."
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