secwatch.observer — SEC 8-K summary
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Issuer:     TEAM INC (TISI)
CIK:        0000318833
Form:       8-K
Filed at:   2022-11-03T23:59:59+00:00
Accession:  0000318833-22-000093
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.07, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

TEAM Inc. special meeting adjourned; authorized share increase vote falls short of two-thirds threshold
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- 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).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000093/0000318833-22-000093-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/318833/000031883322000093/formspecialmeetingresultsa.htm
  HTML page:      https://secwatch.observer/filing/0000318833-22-000093

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