Help me understand this proxy section:
Quorum and Required Vote
A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present at the Special Meeting if the holders of securities entitled to 3,186,622,519 votes (representing one-third of the Common Stock and Preferred Stock outstanding and entitled to vote at the Special Meeting) is represented in person or by proxy. Abstentions and broker non-votes, will count as present for purposes of establishing a quorum.
The Name Change Proposal requires the affirmative vote of a majority of the issued and outstanding securities entitled to vote. Abstentions and broker non-votes will count as votes against this proposal .
The Reverse Split Proposal requires the affirmative vote of a majority of the votes cast at the Special Meeting by the holders of securities of the Company. Insert-tag-hereAbstentions and broker non-votes will count as votes against this proposal.
What is a broker "non-vote"? Is there a possibility that the name change won't pass because enough people didn't bother to go vote their broker-held shares ? Or can the USGL management vote their shares?
SunRaven
Quorum and Required Vote
A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present at the Special Meeting if the holders of securities entitled to 3,186,622,519 votes (representing one-third of the Common Stock and Preferred Stock outstanding and entitled to vote at the Special Meeting) is represented in person or by proxy. Abstentions and broker non-votes, will count as present for purposes of establishing a quorum.
The Name Change Proposal requires the affirmative vote of a majority of the issued and outstanding securities entitled to vote. Abstentions and broker non-votes will count as votes against this proposal .
The Reverse Split Proposal requires the affirmative vote of a majority of the votes cast at the Special Meeting by the holders of securities of the Company. Insert-tag-hereAbstentions and broker non-votes will count as votes against this proposal.
What is a broker "non-vote"? Is there a possibility that the name change won't pass because enough people didn't bother to go vote their broker-held shares ? Or can the USGL management vote their shares?
SunRaven
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