8-Kfiled November 3, 2022, 7:59 PM ETticker TISICIK 0000318833
other materialconfidence highsentiment neutralmateriality 0.50
TEAM Inc. special meeting adjourned; authorized share increase vote falls short of two-thirds threshold
TEAM INC
Proposal One (increase authorized shares from 60M to 120M) had 94% of voted shares in favor, but favorable votes were less than two-thirds of all outstanding shares; meeting adjourned to Nov 8.
Proposal Two (reverse stock split 1:6 to 1:10) approved with 28,860,432 votes for.
Proposal Three (exculpation amendment) failed: 22,081,328 for, 1,618,829 against, 6,547,689 broker non-votes.
Proposal Four (adjournment) approved with 21,742,260 votes for.
Quorum of 70.12% achieved (30,307,598 shares represented out of 43,223,879 outstanding).
Extracted from this filing and checked against the source text.
Shareholder VotesSEC 8-K Item 5.07confidence 0.9
TEAM INC shareholders approved Adjournment Proposal at the 2022-11-02 meeting.
Outcome
passed
Meeting
2022-11-02
Exact text from the filing
Proposal Four: Adjournment Proposal The Company’s shareholders approved an adjournment of the Special Meeting, if necessary or appropriate, to solicit additional proxies if there are insufficient votes to approve Proposal One, Proposal Two or Proposal Three at the time of the Special Meeting, by the following vote: Votes For Votes Against Abstentions Broker Non-Vote 21,742,260 1,938,093 79,556 6,547,689
TEAM INC shareholders rejected Exculpation provision proposal at the 2022-11-02 meeting.
Proposal
charter amendment
Outcome
failed
Meeting
2022-11-02
Exact text from the filing
Proposal Three: Exculpation provision proposal The Company’s shareholders failed to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation to update the exculpation provision, by the following vote: Votes For Votes Against Abstentions Broker Non-Vote 22,081,328 1,618,829 59,752 6,547,689
TEAM INC shareholders approved Reverse stock split and authorized share decrease proposal at the 2022-11-02 meeting.
Proposal
reverse split
Outcome
passed
Meeting
2022-11-02
Exact text from the filing
Proposal Two: Reverse stock split and authorized share decrease proposal The Company’s shareholders approved an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect, at the discretion of the Company’s Board of Directors, a reverse stock split of the issued and outstanding shares of Common Stock, which would combine a whole number of outstanding shares of the Common Stock in a range of not less than one-for-six (1:6) shares and not more than one-for-ten (1:10) shares, into one share of Common Stock, and reduce the number of outstanding shares of Common Stock and a corresponding reduction in the total number of authorized shares of Common Stock in proportion to the reduction of the issued shares, by the following vote: Votes For Votes Against Abstentions 28,860,432 1,321,009 126,157
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