Workhorse (NASDAQ:WKHS) stock is on the move Tuesday after the company failed to get approval to increase its share count.
According to a press release from the company, it has adjourned its special shareholder meeting on the matter. The company is doing so in an effort to drum up more support from stockholders to vote in favor of increasing its number of shares.
Here’s what Workhorse said on the matter in a statement to shareholders:
“We look forward to continuing to engage with our stockholders to discuss the transformative progress we’ve made, the inflection point we are at and why we need their support to fund Workhorse’s next phase of execution and growth. We note that we are exploring financing options and pursuing this proposal from a position of strength. That said, if the proposal ultimately does not go through, it will limit our financing options to the detriment of our stockholders.”
When Is the Next WKHS Stock Vote
With this delayed shareholder meeting, investors have until Sept. 1, which is this Friday, to submit their votes. The company points out that independent proxy advisory firms ISS and Glass Lewis are also urging shareholders to vote in favor of the share increase.
Workhorse notes that 49.68% of Workhorse shares voted in favor of the proposal. The company needs a majority of shareholders to vote in favor of the stock increase before it can go through.
WKHS stock is up 2.7% as of Tuesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
