June 25, 2009

HemispherX Annual Shareholder Meeting Update

HEB held its shareholder meeting yesterday in Philadelphia PA, USA. I didn't attend the meeting but followed it via a message board updates and then reviewed the press release today. Two things caught my eye there in the SEC filing...
One was this: As with last year's Annual Meeting of Stockholders, there was an extremely low turnout. The Company believes that this was due to the fact that more than 40% of its outstanding shares are held outside the United States

The other: The Company left the polls opened with regard to voting on the amendment of its certificate of incorporation to increase the number of authorized shares of Common Stock from 200,000,000 to 350,000,000 and adjourned the meeting solely with regard to this proposal until July 28, 2009 at 1:00 p.m. at the Embassy Suites Hotel, 1776 Benjamin Franklin Parkway, Philadelphia Pennsylvania 19103. The Company did this due to the extremely low vote turn out and the requirement that this proposal be approved by the holders of a majority of the outstanding shares, rather than just a majority of the shares present at the meeting. In fact, less than the requisite number of shares for approval of the proposal were present at the meeting. Obviously this is a good requirement and thankfully the BOD cannot wing through this without a full vote by majority shareholders.
[SEC Filing] (smaller Press release).
Actually one other thing was this:
Adoption of our 2009 Equity Incentive Plan:

For: 10,688,703 Against: 3,166,098 Abstain: 569,495.
Fairly large no of people against and rightfully so in my personal opinion.
Shareholder rewards are not much yet so management/director rewards seem a
little high.
Anyhow, get ready for some wild action today and tomorrow. Or better yet, do not follow the ticker. Just hold - well that is my opinion anyway.

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