Business
Paragon Publishes Consent Revocation Statement and Issues Letter to Stockholders
Paragon Publishes Consent Revocation Statement and Issues Letter to Stockholders.
About this update from Paragon Technologies, Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Paragon Publishes Consent Revocation Statement and Issues Letter to Stockholders\r\n \r\n \r\n\r\n\r\nParagon Publishes Consent Revocation Statement and Issues Letter to Stockholders\r\n\r\n\r\n\r\n\r\n\r\nUrges Stockholders to Not Execute Any White Consent Cards EASTON, PA / ACCESS Newswire / May 5, 2025 / Paragon Technologies, Inc. (OTC Pink:PGNT) (\"Paragon\") announced today that it has published a consent revocation statement and issued a letter to its stockholders in connection with the pending solicitation of consents from Paragon's stockholders by Hesham M. Gad. Mr. Gad is seeking control of Paragon's Board of Directors by removing and replacing all directors of Paragon other than himself via a consent solicitation.\r\n Paragon's letter outlines why Paragon's stockholders should DISCARD any materials they might receive from Mr. Gad and NOT EXECUTE or return any white consent cards that they might receive from Mr. Gad. In the letter, Paragon's Nominating and Corporate Governance Committee also urges stockholders not wishing to return control of Paragon to Mr. Gad to execute and date each and every BLUE revocation card and return them as soon as possible to Paragon.\r\n The full text of the letter is as follows:\r\n Dear Stockholder:\r\n On April 29, 2025, Hesham M. Gad commenced a consent solicitation to remove all the current directors of Paragon other than himself and replace them with his handpicked nominees. Specifically, he is seeking stockholders' consent to repeal any recently adopted provisions of Paragon's Bylaws; amend the Bylaws to provide that any vacancies on the Board resulting from the removal of directors shall be filled exclusively by the stockholders; remove four of the current directors on the Board; and replace these directors with four individuals handpicked by Mr. Gad. As a result, you may have received, or may receive in the future, consent solicitation materials from Mr. Gad seeking your written consent to remove our current Board members and replace them with Mr. Gad's candidates to the Board. In short, Mr. Gad seeks to gain control of the Company through his consent solicitation, even though neither Mr. Gad nor his director candidates have specified any concrete path to build the value of your investment in the Company.\r\n THE NOMINATING AND CORPORATE GOVERNANCE COMMITTEE OPPO...