Blank Check Preferred Stock

Blank Check Preferred Stock

This is stock over which the board of directors has broad authority to determine voting, dividend, conversion, and other rights. While it can be used to enable a company to meet changing financial needs, its most important use is to implement poison pills or to prevent takeovers by placement of this stock with friendly investors.

Blank Check Preferred Stock

An amendment to the charter of a publicly-traded company allowing the board of directors to issue new preferred stock without shareholder approval. Blank check preferred stock is usually an anti-takeover measure.
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Greenlight sues Preferred dividends entered the cash debate after Apple included a proposal to investors to do away with so-called blank check preferred stock offerings, which can be issued without shareholder approval, in a government filing in December.
OTCBB: CYRX) today announced that it adjourned its 2010 Annual Meeting of Shareholders until September 10, 2010 to allow the Company additional time to solicit proxies from shareholders in an effort to obtain the required vote to approve the third proposal contained in the Company's proxy statement, creation of a series of blank check preferred stock.
Approved an amendment to the Company's Certificate of Incorporation to authorize the issuance of up to 50,000,000 shares of blank check preferred stock
The authorization of the blank check Preferred Stock and the 1 for 25 reverse stock split was effected on March 15, 2002.
On the amendment to authorize the issuance of 10 million shares of blank check preferred stock -- 9,722,092 shares were in favor, 379,640 opposed, and 74,035 abstained.
The meeting was called by the Board of Directors of Netrom to approve amendments to the Articles of Incorporation: to change the total authorization of common stock from 20 million shares to 100 million shares, to authorize the issuance of 10 million shares of blank check preferred stock, and to approve a 5 for 1 reverse split of the issued and outstanding common stock.