Mobiquity Technologies, Inc 8-K, filed May 16, 2023
Mobiquity Technologies, Inc. (MOBQ)
About this 8-K
Mobiquity Technologies, Inc filed this 8-K on May 16, 2023, reporting on events of May 15, 2023.
Items reported
- Item 5.07: Shareholder vote results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation or Organization) |
(Commission File Number) | (IRS Employer Identification No.) |
|
|
| |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including
Area Code:
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act: Common Stock, $0.0001 par value per share; Common Stock Purchase Warrants.
| Item 5.07 | Submission of Matters to a Vote of Security Holders |
On May 15, 2023, the following proposals were submitted to the stockholders of Mobiquity Technologies, Inc. (the “Company”) at its annual meeting of stockholders: (i) the election of five directors; (ii) the ratification and approval of the Company’s 2023 Equity Participation Plan; (iii) the ratification of D. Brooks & Associates CPAs as the Company’s independent registered public accounting firm for the year ending December 31, 2023; (iv) granting the Board of Directors discretionary authority to amend the Company’s Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock for the purpose of meeting the NASDAQ Capital Markets (“NasdaqCM”) Listing Rule 5550(a)(2) minimum price for continued listing of at least $1.00 per share; (v) the approval of the issuance of shares of common stock underlying the Company’s convertible Senior Secured 20% OID Promissory Notes issued in December 2022 in a number that may be equal to or exceed 20% of the Company’s common stock outstanding immediately prior to the issuance of those notes for purposes of complying with Nasdaq Listing Rule 5635(d); and (vi) the approval of a change in the Company’s by-laws to reduce the quorum for holding a meeting of stockholders from a majority of the outstanding shares of capital stock entitled to vote to one-third of the outstanding shares of capital stock entitled to vote. The proposals are described in more detail in the Company’s Definitive Proxy Statement on Schedule 14A filed with the U.S. Securities and Exchange Commission on April 18, 2023.
| Proposal 1: | The Company’s stockholders elected each of the following five directors to serve on the Board of Directors of the Company until their respective successors have been duly elected and qualified, by the following vote: |
| Nominee | Number of Votes Cast in Favor | Number of Votes Withheld | Broker Non-Vote | |||
| Dean L. Julia | 7,120,597 | 108,505 | 2,997,510 | |||
| Dr. Gene Salkind M.D. | 7,120,543 | 108,559 | 2,997,510 | |||
| Byron Booker | 7,118,670 | 110,432 | 2,997,510 | |||
| Nate Knight | 7,118,762 | 110,340 | 2,997,510 | |||
| Anne S. Provost | 7,092,526 | 136,576 | 2,997,510 |
| Proposal 2: | The Company’s stockholders ratified and approved the Company’s 2023 Equity Participation Plan, by the following vote: |
| Number of Votes Cast in Favor | Number of Votes Cast Against | Number of Votes Abstain | Broker Non-Vote | |||
| 6,632,699 | 593,928 | 2,475 | 2,997,510 |
| Proposal 3: | The Company’s stockholders ratified the appointment of D. Brooks & Associates CPAs as the Company’s independent registered public accounting firm for the year ending December 31, 2023, by the following vote: |
| Number of Votes Cast in Favor | Number of Votes Cast Against | Number of Votes Abstain | ||
| 10,209,507 | 10,043 | 7,062 |
| 2 |
| Proposal 4: | The Company’s stockholders did not grant the Board of Directors discretionary authority to amend the Company’s Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock for the purpose of meeting the NasdaqCM Listing Rule 5550(a)(2) minimum price for continued listing of at least $1.00 per share. The affirmative vote of a majority of all the Company’s shares of common stock issued and outstanding (as opposed to a majority of the shares present at the meeting in person or by proxy) was required to approve this proposal. 6,643,440 shares of common stock, or approximately 65% of the shares present at the meeting, voted in favor of this proposal, however this was less than the 8,525,946 shares constituting a majority of all the issued and outstanding shares that was required to vote in favor of proposal 4 to approve it. The vote of the shares that were present on proposal 4 was as follows: |
| Number of Votes Cast in Favor | Number of Votes Cast Against | Number of Votes Abstain | Broker Non-Vote | |||
| 6,643,440 | 583,569 | 2,093 | 2,997,510 |
| Proposal 5: | The Company’s stockholders approved the issuance of shares of common stock underlying the Company’s convertible Senior Secured 20% OID Promissory Notes issued in December 2022 in a number that may be equal to or exceed 20% of our common stock outstanding immediately prior to the issuance of those notes for purposes of complying with Nasdaq Listing Rule 5635(d), by the following vote: |
| Number of Votes Cast in Favor | Number of Votes Cast Against | Number of Votes Abstain | Broker Non-Vote | |||
| 6,677,552 | 549,457 | 2,093 |
2,997,510 |
| Proposal 6: | The Company’s stockholders approved a change in the Company’s by-laws to reduce the quorum for holding a meeting of stockholders from a majority of the outstanding shares of capital stock entitled to vote to one-third of the outstanding shares of capital stock entitled to vote by the following vote: |
| Number of Votes Cast in Favor | Number of Votes Cast Against | Number of Votes Abstain | Broker Non-Vote | |||
| 7,060,570 | 168,057 | 475 | 2,997,510 |
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description |
| 3.1 | Amendment No. 3 to Amended Bylaws |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Dated: May 15, 2023 | MOBIQUITY TECHNOLOGIES, INC. |
| By: /s/ Dean L. Julia | |
| Dean L. Julia, Chief Executive Officer |
| 3 |
Exhibit 3.1
AMENDMENT NO. 3
TO
AMENDED BYLAWS
OF
MOBIQUITY TECHNOLOGIES, INC.
(a New York corporation)
The Amended Bylaws of Mobiquity Technologies, Inc. (a New York corporation) (the “Corporation”), as amended, are hereby amended as follows:
Subsection (a) of Section 5.6 QUORUM of the Bylaws is hereby amended to read in its entirety as follows:
(a) Except as otherwise provided herein, or by statute, or in the Certificate of Incorporation (such Certificate and any amendments thereof being hereinafter collectively referred to as the "Certificate of Incorporation"), at all meetings of shareholders of the Corporation, the presence at the commencement of such meetings in person or by proxy of shareholders holding of record one-third (331/3%) of the total number of shares of the Corporation then issued and outstanding and entitled to vote, shall be necessary and sufficient to constitute a quorum for the transaction of any business. The withdrawal of any shareholder after the commencement of a meeting shall have no effect on the existence of a quorum, after a quorum has been established at such meeting.
The Bylaws as previously amended and as amended hereby constitute the Bylaws of the Corporation.
Adopted by the shareholders of the Corporation in accordance with Section 11.1 of the Bylaws, as of May 15, 2023.