Aspen Group, Inc. Receives Stockholder Approval to Increase the Number of Shares of Common Stock Authorized

Rhea-AI Summary

Aspen Group, an education technology holding company, announced that its stockholders have approved an amendment to its Certificate of Incorporation to increase the number of authorized shares of common stock to 85 million. This decision was made during a special stockholder meeting held on June 10, 2024, where 18,215,780 shares were represented, accounting for 71% of the company’s outstanding voting power. The proposal received overwhelming support with 94% of the votes cast in favor, representing 67% of the total outstanding shares. Approximately 1,053,133 votes were against the proposal, and 54,635 shares abstained. This approval made further voting on other proposals unnecessary. The amendment was filed with the Secretary of State of Delaware on the same day.

Positive

• Approval to increase authorized common stock to 85 million shares.
• 71% of the company’s outstanding voting power was represented, establishing a quorum.
• 94% of the votes cast were in favor of the proposal.
• The amendment received support from 67% of the total outstanding shares.

Negative

• 1,053,133 votes were cast against the proposal.
• Potential shareholder dilution due to the increase in the number of authorized shares.

PHOENIX, June 10, 2024 (GLOBE NEWSWIRE) -- Aspen Group, Inc. ("AGI" or the “Company”) (OTCQB: ASPU), an education technology holding company, today announced that the Company received approval of an amendment to the Certificate of Incorporation of the Company to increase the number of shares of common stock authorized to 85 million shares. Michael Mathews, Chief Executive Officer and Chairman of the Board, presided at the special stockholder meeting earlier today.

According to Broadridge, the virtual stockholder meeting platform provider, 18,215,780 shares of the Company’s common stock were represented at the meeting. Each share was entitled to one vote, establishing a quorum with shares representing approximately 71% of the Company’s outstanding voting power, either in person or by proxy. The proposal to approve an amendment to the Certificate of Incorporation (the “Charter Amendment”) of the Company to increase the number of shares of common stock authorized to 85 million shares was approved by a majority of the votes cast. Specifically, around 17,108,012 votes were in favor, representing approximately 94% of the shares voted on this proposal and approximately 67% of the total outstanding shares of common stock. Approximately 1,053,133 votes were cast against the proposal, and approximately 54,635 shares abstained. The affirmative vote of a majority of the votes cast was required to approve this proposal, which was approved by the Company’s stockholders. Abstentions had no impact on the outcome of this proposal.

Broadridge's information also confirmed that there were enough votes to approve all the proposals presented to the stockholders, rendering a vote on Proposal 2 unnecessary.

The Charter Amendment was with the Secretary of State of the State of Delaware on June 10, 2024.

About Aspen Group, Inc.

Aspen Group, Inc. is an education technology holding company that leverages its infrastructure and expertise to allow its two universities, Aspen University and United States University, to deliver on the vision of making college affordable again. For more information, visit www.aspu.com.

Contact Information:

Hayden IR
Kimberly Rogers
(385) 831-7337
Kim@HaydenIR.com

FAQ

What did Aspen Group's stockholders approve in the June 10, 2024 meeting?

Stockholders approved an amendment to increase the number of authorized common stock shares to 85 million.

How many votes were in favor of Aspen Group's proposal to increase authorized shares?

Approximately 17,108,012 votes were in favor, representing 94% of the shares voted on the proposal.

What was the total representation of shares at Aspen Group's special stockholder meeting on June 10, 2024?

18,215,780 shares were represented at the meeting, accounting for 71% of the company’s outstanding voting power.

What percentage of total outstanding shares supported the increase in authorized shares for Aspen Group?

67% of the total outstanding shares supported the increase.

How many votes were cast against Aspen Group's proposal to increase the number of authorized shares?

Approximately 1,053,133 votes were cast against the proposal.

When was Aspen Group's amendment to increase authorized shares filed?

The amendment was filed with the Secretary of State of Delaware on June 10, 2024.