Hirsch Electronics Shareholders Approve Proposed Merger with SCM Microsystems (SCMM)
Hirsch Electronics Corporation announced that its shareholders have adopted the Agreement and Plan of Merger, dated December 10, 2008, by and among Hirsch, SCM Microsystems (NASDAQ: SCMM), and two wholly-owned subsidiaries of SCM, pursuant to which Hirsch will become a U.S.-based, wholly-owned subsidiary of SCM.
At the special meeting of Hirsch shareholders held on March 11, 2009, 4,454,394 shares were represented in person or by proxy, comprising 94% of common stock outstanding and constituting a quorum. 4,369,994 shares, or 93% of shares outstanding, were voted in favor of the merger at the special meeting of Hirsch shareholders.
Hirsch and SCM currently expect closing of the proposed merger to occur following satisfaction of all of the conditions to closing contained in the Agreement and Plan of Merger, including the receipt of approval of SCM's stockholders to issued shares of SCM common stock and warrants to purchase shares of SCM common stock in connection with the proposed merger.
At the special meeting of Hirsch shareholders held on March 11, 2009, 4,454,394 shares were represented in person or by proxy, comprising 94% of common stock outstanding and constituting a quorum. 4,369,994 shares, or 93% of shares outstanding, were voted in favor of the merger at the special meeting of Hirsch shareholders.
Hirsch and SCM currently expect closing of the proposed merger to occur following satisfaction of all of the conditions to closing contained in the Agreement and Plan of Merger, including the receipt of approval of SCM's stockholders to issued shares of SCM common stock and warrants to purchase shares of SCM common stock in connection with the proposed merger.
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