All Shareholders of IntermapShareholders of Intermap are currently being asked to vote on a number of topics for the upcoming shareholders meeting. One of the topics is a blatant ripoff to the shareholders of Intermap. The management is asking shareholders to extend the maturity of 21 million warrants from approximately a 1-year term to a 4-year term. While, on its surface, that might not appear to you as a big problem, but appearances are deceiving. Extending the life of these warrants is effectively increasing the amount of shares outstanding upon a sale of the company from 162mln to 183mln. That increase ultimately means less value to you if the company is sold in a year from now (taking future money from your pocket).
I can understand if management was asking for shareholders to approve this in exchange for value to shareholders, but there is nothing being offered in exchange for this change. In the proxy materials, management argues that the warrants should be extended because the debt was extended, but Vertex barely owns any warrants anymore. They sold 14million of them to others (including management) over the last 3 months.
THIS IS THE MOST CLEAR ONE-SIDED REQUEST I HAVE SEEN IN MY YEARS OF INVESTING. VOTE NO ON AMENDING THE TERMS OF THE WARRANTS.