WORCESTER, Mass., Oct. 15 /PRNewswire-FirstCall/ — Generex
Biotechnology Corporation (Nasdaq: GNBT, www.generex.com)
today announced that it reconvened a special meeting of
stockholders (the “Special Meeting”) on October 15, 2010 at 10:00
a.m. (local time) at the Meeting Rooms, Westin Harbour Castle
Hotel, 1 Harbour Square, Toronto, Ontario Canada M5J 1A6. The
Special Meeting was called to approve an amendment to Generex’s
Restated Certificate of Incorporation (i) to effect a reverse stock
split of the common stock, at an exchange ratio of not less than
1-for-2 and not more than 1-for-10 at any time prior to September
16, 2011 (the implementation of the reverse stock split, ratio and
timing of which will be subject to the discretion of the Board of
Directors), and (ii) following the reverse stock split, if
implemented, to reduce the number of authorized shares of common
stock from 750,000,000 to 500,000,000 unless the Board of Directors
utilizes a ratio of not more than 1-for-2, in which case, the
number of authorized shares of common stock will be maintained at
750,000,000.
As previously announced, the only proposal submitted for the
stockholders’ consideration at the Special Meeting, prior to its
adjournment, was the proposal to adjourn the Special Meeting to a
later date to allow Generex to solicit additional proxies for the
reverse stock split proposal described above (the “Adjournment
Proposal”). The Adjournment Proposal was approved by more than a
majority of shares of Generex common stock present, in person or
represented by proxy, at the reconvened Special Meeting and
entitled to vote on the Adjournment Proposal.
As a result of the approval of the Adjournment Proposal by
Generex’s stockholders, the Special Meeting has been adjourned
until Monday, October 18, 2010, at 4:00 p.m. (local time), at the
Meeting Rooms, Westin Harbour Castle Hotel, 1 Harbour Square,
Toronto, Ontario Canada M5J 1A6.
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