other_material
confidence high
sentiment negative
materiality 0.65
Team Inc. reverses charter amendment after realizing it lacked required shareholder vote
TEAM INC
- Filed Charter Amendment on June 18 to delete language defining 'cause' for director removal.
- On June 24, filed Certificate of Correction to undo amendment; it is null and void ab initio.
- The amendment required at least two-thirds of outstanding shares; that threshold was not reached.
- Prior 8-K incorrectly reported the charter amendment as passed; corrected in this filing.
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