Business
LightPath Technologies Schedules Annual Meeting of Stockholders
ORLANDO, FL / ACCESSWIRE / December 4, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically
About this update from Lightpath Technologies, Inc.
[{"type":"text","content":"ORLANDO, FL / ACCESSWIRE / December 4, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) (\"LightPath,\" the \"Company,\" or \"we\"), a leading global, vertically integrated provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced that its previously postponed virtual Annual Meeting of Stockholders has been rescheduled for Wednesday, January 31, 2024, at 11:00 a.m. EST. The Company will file a new proxy statement with further information and disclosures as soon as it is reasonably practicable and at least 40 calendar days prior to the meeting date.The Annual Meeting was postponed to provide additional time for the Company to evaluate remedial measures to address procedural issues relating to certain prior amendments to the Company's certificate of incorporation and to prepare a proxy statement which will include disclosure related thereto. The Company has concluded its evaluation and, on December 1, 2023, the Company filed a petition in the Delaware Court of Chancery (the \"Petition\") pursuant to Section 205 of the Delaware General Corporation Law (the \"DGCL\"), seeking validation of certain prior corporate acts, all of which relate to prior amendments to the Company's certificate of incorporation. These acts include: (i) the conversion of each issued and outstanding share of the Company's Common Stock into one share of the Company's Class A Common Stock, as of October 2, 1995; (ii) the 8 to 1 reverse stock split that occurred on February 28, 2003; (iii) the amendment to the Company's certificate of incorporation that was filed on March 1, 2016; (iv) the increase in the number of authorized shares of the Company's Common Stock that occurred on October 30, 2017; and (v) the increase in the number of authorized shares of the Company's Class A Common Stock that occurred on October 30, 2017.The Company is seeking validation of the corporate acts identified in the Petition because certain acts may not have been effected in accordance with the DGCL and because of certain prior disclosures made by the Company regarding brokers' ability to vote uninstructed shares and the effect of broker non-votes.Section 205 of the DGCL permits the Delaware Court of Chancery, in its discretion, to validate defect...