Alj regional holdings, inc. announces results of special stockholder meeting
New york , may 12, 2023 /prnewswire/ -- alj regional holdings, inc. (otc pink: aljj) (the "company" or "alj") announced today that, at a special meeting of stockholders (the "special meeting") held on may 10, 2023, alj stockholders voted to approve the agreement and plan of merger (the "reorganization agreement") by and between alj and alj newco, inc. ("newco"), pursuant to which (a) each outstanding share of alj common stock will be converted automatically into the right of a stockholder to receive one (1) share of newco common stock, par value $0.01 per share, for each one hundred (100) shares of alj common stock, unless a stockholder is not an "accredited investor" (as such term is defined in rule 501(a) of regulation d under the securities act of 1933, as amended), in which case such stockholder will instead be entitled to receive $1.97 per share in cash in lieu of the newco common stock, and (b) the existing alj stockholders who become stockholders of newco will be able to act by written consent in lieu of an annual or special meeting of the stockholders (the "reorganization"). alj stockholders approved the reorganization with 69.75% of the shares outstanding as of the record date voting in favor of the reorganization.
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