Friday’s special shareholders meeting didn’t produce slam-dunk votes for Westwood One’s recapitalization and reverse split measures after all. The voting has been put on hold while the company provides more information.
Rather than vote on the five amendments to the WW1 certificate of incorporation, the meeting was because of shareholder questions about the measures.
“The Special Meeting was adjourned to provide the Company’s stockholders with supplemental information concerning the proposals in the Proxy Statement and, if necessary, to file an amendment to the Proxy Statement,” the company said, without specifying what issues were raised.
The key measures on the ballot would have increased the number of authorized shares and then approved a 1-for-200 reverse split to move the company’s stock price out of penny stock territory. With the vote on hold, the planned sale of $50 million in stock – some new shares from the company and some from majority shareholder the Gores Group – is also on hold.
No date has been set for reconvening the special meeting.