Koss (KOSS) Shareholders Approve Increase in Number of Issuable Shares from 8.5M to 20M

November 19, 2009 5:21 PM EST

Koss Corporation (NASDAQ: KOSS) has announced that at a special meeting of stockholders held on November 19, 2009, the proposal to authorize Koss Corporation's Board of Directors, in its discretion, to amend the Restated Certificate of Incorporation to increase the total number of shares of Common Stock that Koss has the authority to issue from 8,500,000 shares to 20,000,000 shares was approved and passed by Koss's stockholders.

The approval of the increase in the number of authorized shares was a condition of the two-for-one forward stock split that was approved by Koss's Board of Directors on October 7, 2009 to bring the Company into compliance with Nasdaq's continued listing requirements. On September 10, 2009, Nasdaq notified Koss that it no longer met the 750,000 minimum publicly held shares requirement under Listing Rule 5450(b)(1)(B) for continued listing on The Nasdaq Global Market. The proposed stock split will cause Koss's total number of publicly held shares to exceed the 750,000 minimum threshold while maintaining Koss's compliance with Nasdaq's other continued listing requirements. Koss must regain compliance with Nasdaq's listing requirements by December 24, 2009.

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