looks like big things are about to happen at $ETRM
The EnteroMedics Board Recommends Shareholders Vote "FOR" all of the proposals.
At the special meeting, shareholders will vote on the following management proposals:
-- Approval of an amendment to Article IV, Section 1 of the Certificate of
Incorporation, effective prior to the Reverse Stock Split, to increase
the number of shares of common stock authorized for issuance to 300
million shares;
-- Approval of an amendment to the Certificate of Incorporation to effect a
reverse split of our issued and outstanding shares of common stock at a
ratio of between 1-for-20 and 1-for-70, inclusive, which ratio will be
selected at the sole discretion of our Board of Directors at any whole
number in the above range, with any fractional shares that would
otherwise be issued as a result of the Reverse Stock Split being rounded
up to the nearest whole share, provided, however, that our Board of
Directors may abandon the Reverse Stock Split in its sole discretion;
-- Approval of the Second Amended and Restated 2003 Stock Incentive Plan;
and
-- Approval of one or more adjournments to the Special Meeting, if
necessary or appropriate, to establish a quorum or to permit further
solicitation of proxies if there are not sufficient votes at the time of
the Special Meeting cast in favor of Proposal 1, Proposal 2 or Proposal
3.