In a recent special meeting, iCoreConnect Inc. (NASDAQ:ICCT), a provider of prepackaged software services, received shareholder approval for several significant proposals. The meeting, which took place on Thursday, followed an adjournment from its original convening on Monday.
The approved items are crucial for the company to comply with Nasdaq Listing Rule 5635(d). The first proposal that passed allows the issuance of up to 11,203,700 shares of the company's common stock upon exercising certain warrants issued in a private placement on July 31, 2024. This proposal received 5,191,333 votes in favor, with 57,552 against and 785 abstentions.
The second proposal, which also passed, approves the issuance of shares of common stock upon conversion of an amended convertible note dated August 13, 2024. The vote count for this proposal stood at 5,150,392 for, 98,473 against, and 805 abstentions.
Further, shareholders gave the green light for the issuance of shares pursuant to the Strata Purchase Agreement dated August 16, 2024, with Clearthink Capital Partners, LLC, with 5,156,739 votes for, 92,146 against, and 785 abstentions.
Additionally, the issuance of shares upon conversion of convertible notes issued on August 1, 2024, related to the exchange and/or extension of certain outstanding company debts, was approved with 5,156,726 votes for, 92,123 against, and 821 abstentions.
A fifth proposal, which would allow for an adjournment of the Special Meeting to solicit additional proxies if necessary, was also approved with 5,210,076 votes for, 38,836 against, and 758 abstentions.
In other recent news, software services provider iCoreConnect Inc. has made several significant changes. The company announced the appointment of Wayne Kalish and Yvonne Hyland to its board of directors, a move aimed at strengthening its governance and addressing NASDAQ's non-compliance issues concerning board composition requirements.
iCoreConnect has also amended its Prepaid Forward Purchase Agreement with RiverNorth SPAC Arbitrage Fund, L.P., deferring the conversion of preferred stock into common stock until February 25, 2025.
Further, iCoreConnect has extended the maturity dates of two convertible promissory notes and issued a new one with a principal amount of $397,622.
Recent developments also include the adjournment of a Special Meeting of Stockholders due to a lack of quorum, with the rescheduled meeting set for September 19, 2024. In response to potential NASDAQ delisting due to non-compliance with listing rules, the company has been given 45 days to submit a plan to regain compliance.
Finally, iCoreConnect has expanded its operations into Tennessee, securing an endorsement from the Tennessee Dental Association for seven of its software solutions. These are the recent developments in the company's operations.
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