Biomerica amends bylaws to change voting standard to limit broker non-vote effect

BIOMERICA INC

Board approved bylaw amendment on July 24, 2023, effective immediately.
Voting standard changed: from majority of stockholders present at meeting to majority present and entitled to vote on the subject matter.
Change aims to limit broker non-vote impact on non-routine proposals, given large retail shareholder base.
Other minor updates to modernize bylaws and align with Delaware law.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

BIOMERICA INC: Amended voting standard for stockholder matters (excluding director elections) from majority of stockholders present and entitled to vote to majority of stockholders present and entitled to vote on the subject matter, to limit effect of broker non-votes (effective 2023-07-24).

Change: bylaw amendment
Effective: 2023-07-24

Exact text from the filing

On July 24, 2023, the Board of Directors (the “Board”) of Biomerica Inc. (the “Company”) approved the amendment and restatement of the Company’s Amended and Restated Bylaws (the “Bylaws,” and as so amended and restated, the “Amended and Restated Bylaws”), effective July 24, 2023.

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Source: SEC EDGAR

accession 0001513162-23-000117

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