Agreement also Reached with Holders of the Company's Series E Preferred Stock
CAMPBELL, CA -- (Marketwired) -- 03/09/17 -- Inventergy Global, Inc. (NASDAQ: INVT) ("Inventergy" or the "Company"), an intellectual property monetization company, today announced that its stockholders approved all the proposals put before them at the Special Meeting of Stockholders held on March 8, 2017, including the proposal to approve the assignment of the Company's current patent portfolio to a newly created special purpose entity as contemplated by the restructuring agreement that was entered into on December 22, 2016 between the Company and Fortress Investment Group.
In addition, stockholders also approved:
- An amendment to Article IV of the Company's Certificate of Incorporation to (i) allow the Company's Board of Directors (the "Board"), if they deem necessary, to effect a reverse stock split of the Company's capital stock at a ratio of between one-for-two and one-for-five, with such ratio to be determined at the sole discretion of the Board and (ii) reduce the number of authorized shares of the Company's capital stock in a corresponding proportion, and
- The potential issuance of more than 20% of the Company's issued and outstanding common stock pursuant to the Company's financing in July 2016.
The Company also announced that it had entered into an agreement with the holders of its Series E Preferred Stock pursuant to which the holders agreed not to sell, at a per share price of less than $0.50, any shares of common stock obtained upon conversion of their Series E Preferred Stock until after March 31, 2017.
About Inventergy Global, Inc.
Inventergy Global, Inc. is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 and other technology companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy, visit www.inventergy.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements, estimates, forecasts and projections with respect to future performance and events, which constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements include statements regarding the intent and belief or current expectations of the Company and its affiliates and subsidiaries and their respective management teams. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "should," "seek" and similar expressions and include any projections or estimates set forth herein. Investors and prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, that actual results may differ materially from those projected in the forward-looking statements.
Source: Inventergy Global, Inc.