Abaxx Technologies Inc N.ABXX

April 14th Special Meeting Voting Results

[Clipper2]

I hope the tinyurl works.
If not go to News.

https://tinyurl.com/3p8ujj4j

Each of the three items of business were approved and passed by the Company’s shareholders, namely: (i) a special resolution authorizing the Company’s board of directors (the “Board”) to effect a share consolidation and set a consolidation ratio between two and four; (ii) an ordinary resolution approving, ratifying and confirming the Company’s restricted stock unit incentive plan, as amended (the “New RSU Plan”); and (iii) an ordinary resolution approving, ratifying and confirming certain grants of restricted share units made under the New RSU Plan. Abaxx is pleased to see robust shareholder support as it advances its business.

 

Thanks to James Duade for the Feb 26th article.

The following is a piece from that artcle.

 

So that the company can meet uplisting requirements for a senior US exchange listing. While the company did not specify if the uplisting would be on the NYSE or NASDAQ. The NASDAQ has a listing requirement that companies applying for listing have a minimum share price of $4 for at least 90 days before applying—having  a 3 for 1 roll back will easily enable Abaxx to meet that requirement. The current stock price is $1.90 USD as of the writing of this article. In the author’s opinion Abaxx moving forward with this vote is another clear indication that the company is ready to transition to their revenue growth phase later this year

https://tinyurl.com/yx387kwr

[RockLobster1]

Consolidations are often due to failure and stock prices so low... and they do it to get financing... In this case like some, they are being done for a good purpose, in this case a listing on Nasdaq I assume as well as the financing they need. I agree it is rarely helpful to stock price in short term but they need to execute on the strategy whatever it takes...  has been a very slow process