Business
Shopify Announces Filing of Circular for Annual and Special Meeting of Shareholders
Internet, Everywhere--(Newsfile Corp. - April 12, 2022) - Shopify Inc. (NYSE, TSX: SHOP) ("Shopify" or the "Company"), a provider of essential internet
About this update from Shopify Inc.
[{"type":"text","content":"Internet, Everywhere--(Newsfile Corp. - April 12, 2022) - Shopify Inc. (NYSE, TSX: SHOP) (\"Shopify\" or the \"Company\"), a provider of essential internet infrastructure for commerce, today announced the filing of a management information circular dated April 11, 2022 (the \"Circular\") and related meeting and proxy materials in connection with its upcoming Annual and Special Meeting of shareholders to be held on June 7, 2022 (the \"Meeting\"). At the Meeting, Shopify is seeking shareholder approval to implement proposed amendments to its articles of incorporation. It is expected that the amendments will be implemented by way of a plan of arrangement under the Canada Business Corporations Act (the \"Arrangement\") if approved by shareholders.\nThe Arrangement is subject to the approval of (1) at least two-thirds of the votes cast by Class A and Class B shareholders present in person or represented by proxy at the Meeting, voting together as a single class, and (2) at least the majority of the votes cast by Class A and Class B shareholders (excluding the Company's Founder and Chief Executive Officer, Tobi Lütke, and his associates and affiliates) present in person or represented by proxy at the Meeting, voting together as a single class. The Company's Board of Directors, based on the recommendation of the Special Committee of independent directors, unanimously recommends that shareholders vote in favor of the Arrangement.\nShopify also announced today that it was granted an interim order by the Ontario Superior Court of Justice (Commercial List), regarding the Arrangement. The interim order authorizes Shopify, among other things, to proceed with the virtual-only Meeting to consider and vote on the proposed Arrangement. A copy of the interim order is attached to the Circular.\nOnly shareholders of record as of the close of business on April 19, 2022 will be entitled to vote at the Meeting. The description of the Arrangement in this press release does not purport to be complete and is subject to and qualified in its entirety by reference to the Circular. The Circular is available on Shopify's profile on SEDAR at www.sedar.com and under the Company's profile on EDGAR at sec.gov, and on our website at investors.shopify.com. Shareholders are encouraged to read the Circular including its appendices carefully and in their entirety.\nHo...