Houston American Energy To Adjourn Its Annual Meeting To Thursday, July 22, 2021

Rhea-AI Summary

Houston American Energy Corp. (HUSA) has decided to adjourn its annual stockholders meeting from June 15, 2021, to July 22, 2021. This decision aims to allow additional time for soliciting proxies regarding proposals, particularly the significant Proposal 2, which seeks to increase authorized shares from 12 million to 20 million. Currently, nearly 90% of received proxies favor this proposal, yet it has not achieved majority support necessary for approval. The Board encourages stockholders to vote to facilitate the company's growth and expansion.

Positive

• Nearly 90% of proxies received support Proposal 2.
• Proposal 2 aims to increase authorized shares, supporting future growth.

Negative

• Proposal 2 has not yet achieved majority support from outstanding common stock.

HOUSTON, June 10, 2021 /PRNewswire/ -- Houston American Energy Corp. (NYSE American: HUSA) today announced that it plans to adjourn its annual meeting of stockholders (the "Annual Meeting"), originally scheduled to be held on June 15, 2021, at 10:00 a.m., central time, until Thursday, July 22, 2021 at 10:00 a.m., central time.

No changes have been, or are expected to be, made to the record date or the proposals to be brought before the Annual Meeting, which proposals are presented in the previously distributed proxy statement.  The Company has determined to adjourn the Annual Meeting in order to provide additional time to solicit proxies with respect to the proposals presented to the stockholders for approval, including specifically Proposal 2 to amend the Company's certificate of incorporation to increase the Company's authorized shares from 12,000,000 to 20,000,000 shares.  Although nearly 90% of the shares represented by proxies received to date have approved Proposal 2, the number of votes in favor of the proposal has yet to reach a majority of the Company's outstanding common stock, which is required for passage.

The Company's board of directors recommends a vote in favor of Proposal 2 for the reasons described in the proxy statement, including the need to have sufficient authorized common stock in order to permit the future issuance of common stock to support the growth and expansion of the Company.

The Company encourages any stockholder that has not yet voted its shares or is uncertain if their shares have been voted to contact their broker or bank. The board of directors and management respectfully requests stockholders as of the record date, April 26, 2021, to please vote their proxies as soon as possible. Stockholders who have previously submitted their proxy or otherwise voted for the Annual Meeting and who do not want to change their vote need not take any action.

About Houston American Energy Corp.

Based in Houston, Texas, Houston American Energy Corp. is a publicly-traded independent energy company with interests in oil and natural gas wells, minerals and prospects. The company's business strategy includes a property mix of producing and non-producing assets with a focus on the Permian Basin in Texas, Louisiana and Colombia.

For additional information, view the company's website at www.houstonamerican.com or contact Houston American Energy Corp. at (713) 222-6966.

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SOURCE Houston American Energy Corp.

FAQ

What is Houston American Energy Corp. planning for its annual meeting?

Houston American Energy Corp. plans to adjourn its annual stockholders meeting originally set for June 15, 2021, to July 22, 2021.

Why is Houston American Energy Corp. adjourning its meeting?

The adjournment is to allow more time for soliciting proxies for key proposals, including the amendment to increase authorized shares.

What is Proposal 2 for Houston American Energy Corp.?

Proposal 2 seeks to increase the company's authorized shares from 12 million to 20 million.

What percentage of proxies support Proposal 2?

Nearly 90% of proxies received to date have approved Proposal 2.

What is required for Proposal 2 to pass?

Proposal 2 requires a majority vote from the company's outstanding common stock to be approved.