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Majority Stockholders of Coro Global Inc. Request a Special Meeting of Stockholders to Remove the Current Directors
Majority Stockholders of Coro Global Inc. Request a Special Meeting of Stockholders to Remove the Current Directors.
About this update from Coro Global Inc
[{"type":"text","content":"\n Miami, FL, Sept. 20, 2021 (GLOBE NEWSWIRE) -- On September 17, 2021, a group of stockholders of Coro Global Inc. (OTC: CGLO) (“Coro Global” or the “Company”) holding of record over 50% of the Company’s common stock delivered to the Board of Directors of the Company a request to call a special meeting of stockholders pursuant to the Company’s Amended and Restated Bylaws.  At the special meeting, the stockholder group, which includes Lou Naser, Carlos Naupari and Rudolph Hüppi, each of whom previously served as independent directors of Coro Global, intends to present, among other things, proposals to remove the Company’s existing directors and elect five independent, highly qualified nominees committed to bringing much-needed change and profitability to Coro Global.  In addition, the stockholder group issued an open letter to the stockholders of Coro Global highlighting the current Board of Directors’ and management’s failure to formulate and execute a strategy to generate revenue, lack of long- and short-term fiscal planning and inability to raise capital to address the Company’s continuing severe liquidity crisis.  The letter raises critical questions regarding the current Board’s and management’s lack of accountability and oversight, blatant disregard for basic principles of corporate governance, entrenchment and self-dealing, and highlights the urgent need to replace the current directors and management with independent, qualified candidates committed to implementing immediate changes to unlock value for Coro Global stockholders.  “It is time for meaningful changes at Coro Global,” said Lou Naser, who previously served as an independent director and Chairman of the Board of Coro Global.  “The lack of leadership and accountability by the current Board of Directors and management have brought the Company to the brink of insolvency and caused the Company’s stock price to decline by over 80% in a matter of just a few months.  From failure to raise capital to poor corporate governance to entrenchment and self-dealing, there is simply no excuse for the continued value destruction overseen by the current Board and management.  Immediate action is needed to address the Company’s deepening liq...