I definitely have not voted yet and I believe any stock holder can vote as late as the actual annual shareholders meeting. I anticipate voting "for" all of the proposals, unless of course we have heard nothing by October 9th. Here is a little breakdown of the proposals.
·Proposal 1: Election of Directors
·Proposal 2: Ratify Appointment of KMJ Corbin and Company
·Proposal 3: Approval to amend The Restated Articles of Incorporation to increase the number of Authorized Shares
·Proposal 4: Blank Check Preferred Shares
·Proposal 5: Approval of Reverse Stock Split of Company’s Common Stock at a ratio to be set by the board
·Proposal 6: Approval of 2009 Stock Incentive Plan
Proposal 1: Members up for re-election at the annual meeting, if elected will go to 2010
Carlton Johnson – Legal counsel for Roswell Capital Partners. His appointment to the board fulfills an agreement between the company and BridgePointe Master Fund
Adam Michelin- Serves as Chairman of the Audit Committee and as a member of the Corporate Governance Committee
Larry Stambaugh
Mr. Johnson and Mr. Michelin are considered the two “independents” that meet Nasdaq Marketplace requirements. Independents must not have been employed or compensated by CYRX in excess of $120,000 in the last three years.
Proposal 2: Independent accounting firm for at least the next fiscal year.
Proposal 3: For the amendment of articles to increase authorized common stock from 125,000 to 250,000. According to the proxy, to provide more flexibility to raise capital and/or as consideration in acquiring another business, for equity incentive plans, more options for growth strategies, discourage a takeover or change in control of the company
Proposal 4: Blank Check Preferred
The company’s article currently do not authorize the issuance of shares other than common stock. According to the proxy, they are proposing the approval of an amendment which creates 25,000,000 of preferred stock in an effort to provide flexibility when trying to raise capital to more appropriately meet the needs of both investors and issuing company. Also to prevent a change in control of the company by tender offer of other means.
Proposal 5: Dreaded Reverse Split
According to the proxy, the primary reason for the split is to increase the company’s stock price to a level that will enable it to apply for listing on the Nasdaq capital market to be more favorably viewed as an investment. It does not specify an exact ratio for the reverse split, but rather stipulates a range between one-for-two to one-for-fifteen. If the board implements, the ratio will be determined by the board.
Proposal 6: Stock Incentive Plan It’s set out pretty clear in the filing.
As always,
Cheers
and
GLTA
