Skyline Medical (SKLN) Says Three Proposals Approved at Special Meeting of Shareholders

September 16, 2016 9:44 AM EDT
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Skyline Medical Inc. (NASDAQ: SKLN) (“Skyline” or “the Company”), developer of the innovative STREAMWAY® waste fluid disposal system for medical applications, announces that its stockholders have voted FOR all management proposals at a Special Meeting of Stockholders today. The first proposal is an amendment of the company’s certificate of incorporation to increase the number of authorized shares of common stock from 100 million to 200 million. The second proposal is for a reverse stock split to permit (but not require) the Board of Directors to effect a reverse stock split of the Company’s common stock by a ratio of not less than one-for-two (1:2) and not more than one-for-twenty-five (1:25). The third proposal is to adjourn the meeting to solicit additional proxies should there not be sufficient votes to approve Proposals 1 and 2.

“We are pleased that stockholders have chosen to give management a vote of confidence in the future of Skyline Medical by voting FOR the proposals put forth to them,” said Dr. Carl Schwartz, interim chief executive officer. “We believe Skyline Medical is now positioned to achieve the milestones we anticipate, including expanding sales of the STREAMWAY System to U.S. Federal Agencies via our contemplated joint venture with Electronic On-Ramp, and the nine-point sales plan Peter Alex, our newly appointed vice president of sales and marketing has put forth, as previously disclosed. We are looking forward to executing our business plan for the benefit of all our stakeholders. We also expect to discuss our plans for maintaining our listing on NASDAQ with the Exchange as soon as possible,” Dr. Schwartz concluded.

The final votes were as follows:

Proposal 1: Approval of amendment to the Certificate of Incorporation to increase authorized shares of common stock from 100 million to 200 million:

  • A total of 57,466,175 common shares were voted with regards to Proposal 1, with 41,902,941 common shares (73%) voting FOR the resolution, 14,992,050 common shares (26%) voting AGAINST the resolution, and 571,184 common shares (1%) abstaining. There were no broker non-votes.

Proposal 2: Approval of reverse stock split to permit (but not require) the Board of Directors to effect a reverse stock split of the Company’s common stock by a ratio of not less than one-for-two (1:2) and not more than one-for-twenty-five (1:25):

  • A total of 57,466,175 common shares were voted with regards to Proposal 2, with 43,248,274 common shares (75%) voting FOR the resolution, 13,811,359 common shares (24%) voting AGAINST the resolution, and 406,542 common shares (1%) abstaining. There were no broker non-votes.

Proposal 3: Approval of adjournment of special meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Special Meeting to approve both the proposal to increase the authorized shares of common stock (Proposal 1) and the proposal to effect a reverse stock split (Proposal 2):

  • A total of 57,466,175 common shares were voted with regards to Proposal 3, with 41,673,190 common shares (73%) voting FOR the resolution, 14,579,044 common shares (25%) voting AGAINST the resolution, and 1,213,941 common shares (2%) abstaining. There were no broker non-votes.



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