3DO plans special shareholders meeting May 20 at its Redwood City...
3DO plans special shareholders meeting May 20 at its Redwood City, Cal., hq, for vote on whether to issue 1.76 million shares to CEO William (Trip) Hawkins and warrant for another 441,176 shares in cancellation of $3 million in…
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company debt he holds, company said SEC proxy statement filed Mon. Filing said 3DO board believed proposal was “the most effective means” to avoid delisting of its shares by Nasdaq. 3DO received Nasdaq letter in Feb. warning that company failed to meet $10 million minimum stockholders equity required for continued listing. Filing said issuance of common stock and warrants that would allow 3DO to meet minimum requirement must be completed by May 23, Nasdaq told 3DO in followup letter. If proposal isn’t approved, 3DO said, “we may attempt to increase our stockholders’ equity in other ways” but if it’s “unsuccessful, we may be delisted” from Nasdaq. Company said it “expects to announce preliminary voting results shortly after completion of the meeting” and then announce final voting results via 8-K SEC filing. It said proposal “must receive the affirmative vote of a majority of shares of common stock” for approval.