Business
Indoor Harvest Postpones Special Meeting of Shareholders until February 5th
Indoor Harvest Postpones Special Meeting of Shareholders until February 5th.
About this update from Indoor Harvest Corp.
[{"type":"text","content":"\nHOUSTON, Jan. 31, 2019 (GLOBE NEWSWIRE) -- Indoor Harvest Corp (OTCQB: INQD) is a precision agriculture technology company, focused on producing bio-pharma grade Cannabis, for the wholesale and research Cannabis markets, as well as development of next generation personalized medicines. The Company has postponed the previously scheduled virtual special meeting of shareholders until February 5, 2019 at 5:00pm (Central Standard Time) due to a lack of voting by shareholders.\n As of this morning, approximately 97% of Series A Convertible Preferred shareholders had voted in favor of management’s proposed changes to the Company’s certificate of formation and approximately 60% of all common stock shareholders had voted, with approximately 55% of all common stock shareholders in favor and 5% against the proposed changes. In order to pass the proposed changes, the Company needs a minimum of 66.67%, or 2/3’s of both Series A Convertible Preferred shareholders and common stock shareholders to vote in favor to pass the proposals under Texas law. “The majority of our Series A and registered shareholders have overwhelmingly voted in favor of the proposed changes. We have had a weaker turn out than expected, however, from our beneficial shareholder population with approximately 50% of beneficial shareholders having not cast a vote. Every single vote is important regardless of your ownership size. If the proposals fail to gain enough votes, the Company’s ability to capitalize new efforts will be severely disrupted and the Company will be forced to hold the vote again, or consider an undesirable reverse split as an alternative to recapitalization. We ask that everyone please make an effort to vote,” stated Dan Weadock, the Company’s Chief Executive Officer. Rescheduled Special Meeting of Shareholders The Company is hosting a virtual special meeting of shareholders on February 5, 2019 at 5:00 p.m. (CST). Common stock shareholders and Series A convertible preferred shareholders who were record holders on December 7, 2018, will be able to attend the special meeting, vote, and submit questions during the meeting via live webcast by visiting www.virtualshareholdermeeting.com/INQD. To enter the Special Meeting, you must have your 16-digit control number that was mailed to shareholders of record. If you were ...