Drive Shack Inc. Announces Release of Third Quarter Financial Results and Postponement of Special Meeting
Drive Shack (OTC: DSHK) has released its financial results for Q3 and the first nine months of 2024. The company also announced the postponement of its Special Meeting of Stockholders, originally scheduled for November 25, 2024, due to insufficient quorum. As a result, the proposed amendments to authorize the company's purchase of outstanding Preferred Stock shares will not be approved before the November 26, 2024 expiration date. The company's offer to purchase all outstanding Series B, Series C, and Series D Preferred Stock for $5.00 per share will terminate on the expiration date due to unfulfilled conditions.
Drive Shack (OTC: DSHK) ha pubblicato i risultati finanziari per il terzo trimestre e i primi nove mesi del 2024. L'azienda ha anche annunciato il rinvio della sua Assemblea Straordinaria degli Azionisti, originariamente programmata per il 25 novembre 2024, a causa di un quorum insufficiente. Di conseguenza, le modifiche proposte per autorizzare l'acquisto di azioni privilegiate in circolazione della società non saranno approvate prima della scadenza del 26 novembre 2024. L'offerta della società per acquistare tutte le azioni privilegiate Serie B, Serie C e Serie D per 5,00 $ per azione terminerà alla data di scadenza a causa di condizioni non soddisfatte.
Drive Shack (OTC: DSHK) ha publicado sus resultados financieros para el tercer trimestre y los primeros nueve meses de 2024. La compañía también anunció el aplazamiento de su Junta General Extraordinaria de Accionistas, originalmente programada para el 25 de noviembre de 2024, debido a un quorum insuficiente. Como resultado, las enmiendas propuestas para autorizar la compra de acciones preferentes en circulación de la compañía no serán aprobadas antes de la fecha de vencimiento del 26 de noviembre de 2024. La oferta de la compañía para comprar todas las acciones preferentes Series B, C y D por 5,00 $ por acción finalizará en la fecha de vencimiento debido a condiciones no cumplidas.
Drive Shack (OTC: DSHK)는 2024년 3분기 및 첫 아홉 달에 대한 재무 결과를 발표했습니다. 회사는 또한 2024년 11월 25일로 예정되었던 주주 특별 회의의 연기를 발표했으며, 이는 불충분한 의결 정족수로 인한 것입니다. 결과적으로, 회사의 기존 우선주 매입을 허가하는 제안된 수정안은 2024년 11월 26일 만료일 이전에 승인되지 않을 것입니다. 모든 우선주 시리즈 B, C 및 D를 주당 5.00 달러에 매입하겠다는 회사의 제안은 충족되지 않은 조건으로 인해 만료일에 종료됩니다.
Drive Shack (OTC: DSHK) a publié ses résultats financiers pour le troisième trimestre et les neuf premiers mois de 2024. La société a également annoncé le report de son Assemblée Générale Extraordinaire des Actionnaires, initialement prévue pour le 25 novembre 2024, en raison d'un quorum insuffisant. En conséquence, les modifications proposées pour autoriser l'achat par la société des actions privilégiées en circulation ne seront pas approuvées avant la date d'expiration du 26 novembre 2024. L'offre de la société pour acheter toutes les actions privilégiées des séries B, C et D pour 5,00 $ par action prendra fin à la date d'expiration en raison de conditions non remplies.
Drive Shack (OTC: DSHK) hat seine Finanzzahlen für das dritte Quartal und die ersten neun Monate des Jahres 2024 veröffentlicht. Das Unternehmen gab außerdem bekannt, dass seine außerordentliche Aktionärsversammlung, die ursprünglich für den 25. November 2024 geplant war, aufgrund unzureichenden Quorums verschoben wird. Infolgedessen werden die vorgeschlagenen Änderungen, die den Erwerb der ausstehenden Vorzugsaktien des Unternehmens autorisieren, vor dem Ablaufdatum am 26. November 2024 nicht genehmigt. Das Angebot des Unternehmens, alle ausstehenden Vorzugsaktien der Serien B, C und D zu 5,00 $ pro Aktie zu erwerben, wird am Ablaufdatum aufgrund unerfüllter Bedingungen beendet.
- None.
- Special Meeting postponement due to failure to achieve quorum
- Termination of preferred stock purchase offer at $5.00 per share
- Failure to meet conditions for closing the preferred stock purchase offer
The Company also announced that its Special Meeting of Stockholders originally scheduled for November 25, 2024 (the “Special Meeting”) has been postponed (the “Postponement”) in order to allow the Company adequate time to achieve a quorum for the transaction of business under the Company’s Amended and Restated By-laws. The new record date, meeting date, time, and location will be announced at a later date in a formal notice to stockholders eligible to vote at the Special Meeting.
As a result of the Postponement, the proposal to be considered at the Special Meeting consisting of the adoption of amendments to the Company’s Articles of Restatement that, if approved, would authorize the Company to purchase outstanding shares of its Preferred Stock (as defined below) either (i) pursuant to exchange or repurchase offers made on the same terms to all holders of each series of Preferred Stock or (ii) through open market repurchases at then-current trading prices (the “Proposed Amendments”), will not have been approved prior to November 26, 2024, the scheduled expiration date (the “Expiration Date”) of the Offer (as defined below). Because receipt of the requisite stockholder approvals for the Proposed Amendments was a condition to closing of the Company’s pending offer to purchase all the outstanding shares of its Series B, Series C and Series D Preferred Stock (collectively, the “Preferred Stock”) for
About Drive Shack Inc.
Drive Shack Inc. is a leading owner and operator of golf-related leisure and entertainment businesses focused on bringing people together through competitive socializing. Today, our portfolio consists of American Golf, Drive Shack and Puttery. Current financial disclosure for the Company is available on www.otcmarkets.com and at https://ir.driveshack.com/.
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Drive Shack Inc.
finance@driveshack.com
Source: Drive Shack Inc.
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