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Australian Oilseeds Holdings Ltd (NASDAQ:COOT) reported Friday that its shareholders approved a proposal to authorize a reverse share split of its Class A ordinary shares. The decision was made at the company’s extraordinary general meeting, which was held virtually on Wednesday.
According to a filing with the Securities and Exchange Commission, the approved resolution authorizes the company’s board of directors to implement a reverse share split at a ratio ranging from 1-for-2 to 1-for-8. The final ratio will be determined by the board following the meeting.
The proposal received 18,021,860 votes in favor, representing 64.598% of the voting shares. There were no votes cast against the proposal or any abstentions, according to the company’s statement. No broker non-votes were reported.
Australian Oilseeds Holdings is incorporated in the Cayman Islands and its Class A ordinary shares and related warrants are listed on the Nasdaq Stock Market under the symbol COOT.
The information in this article is based on a press release statement and the company’s SEC filing.
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