Ease,
Below is the information copied from the DEF-14A, Official notification to shareholders of matters to be brought to a vote (proxy), dated 4/2/07. Since this is the first time I can remember seeing these warrants being shown as not approved, I assumed they would be voted on at the upcoming shareholders meeting.
Equity Compensation Plan Information
The Company’s stockholders previously approved each of the Company’s 1992, 1996, 2001, 2003 and 2006 Stock Option Plans. The following table sets forth certain information concerning aggregate stock options authorized for issuance under the Company’s 1996, 2001, 2003 and 2006 Stock Option Plans as of May 31, 2006.
Shares of common stock issuable on the exercise of warrants have not been approved by the Company’s stockholders and, accordingly, have been segregated in the table below.
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Plan Category
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Number of securities to be
issued upon exercise of
outstanding options
and warrants
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Weighted-average
exercise price of
outstanding options
and warrants
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Number of securities
remaining available for
future issuance under
equity compensation plans
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Equity compensation plans approved
by security holders
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5,460,000
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$
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0.34
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5,229,000
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Equity compensation plans not approved
by security holders
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53,349,220
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$
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0.05
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—
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Total
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58,809,220
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5,229,000
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I can understand the 5.46 million options being necessary to properly motivate our execs and bod, but 53 million warrants at $.05? I just can't see the need.
Verlon
