Mannatech (MTEX) Gets Shareholder Approval for Reverse Split
Mannatech, Inc. (Nasdaq: MTEX), held a special meeting of its shareholders and obtained shareholders’ approval for the company’s proposed reverse stock split. Shareholders of 19,347,703 shares of Mannatech stock, which represents 73.05% of the total outstanding shares, voted “FOR” the proposal. Approval of the proposal gives Mannatech’s Board of Directors the authority to amend the company’s Articles of Incorporation and effect a reverse split of the company’s common stock at a specific ratio within the range of 1-for-10 and 1-for-15.
At a subsequent Board of Directors’ meeting held after the shareholders’ meeting, the Board of Directors passed a resolution to set the ratio for the stock split at 1-for-10. It is intended that the reverse stock split will be effected, and an amendment to the company’s Amended and Restated Articles of Incorporation will be filed on January 13, 2012.
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At a subsequent Board of Directors’ meeting held after the shareholders’ meeting, the Board of Directors passed a resolution to set the ratio for the stock split at 1-for-10. It is intended that the reverse stock split will be effected, and an amendment to the company’s Amended and Restated Articles of Incorporation will be filed on January 13, 2012.
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