AXAR ACQUISITION CORP. (NASDAQ:AXAR) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

AXAR ACQUISITION CORP. (NASDAQ:AXAR) Files An 8-K Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

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Item 5.03 Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year.

On December 14, 2016, at the 2016 annual meeting of stockholders
(the Annual Meeting) of Axar Acquisition Corp. (the Company or
we), our stockholders approved an amendment to our amended and
restated certificate of incorporation to decrease the number of
authorized shares of our common stock from 400,000,000 to
19,000,000 shares (the Amendment). On December 14, 2016, we filed
the Amendment with the Secretary of State of the State of
Delaware.

Reference is made to the disclosure set forth in Item 5.07 below,
which is incorporated herein by reference.

The foregoing summary of the Amendment is not intended to be
complete and is qualified in its entirety by reference to the
text of the Amendment, which is filed as Exhibit 3.1 to this
Current Report on Form 8-K and incorporated herein by reference.

Item 5.07. Submission of Matters to a Vote of Security
Holders.

As noted above, we held our Annual Meeting on December 14, 2016.

We set forth below a summary of the final voting results for the
proposals that our considered and voted on at the Annual Meeting.

1. Election of Directors

Our stockholders elected David Gong and P. Sue Perrotty as Class
II directors to serve until the 2019 annual meeting of
stockholders and until his or her successor has been duly elected
and qualified. We set forth below the results of the stockholder
vote for each director nominee:

Director Votes For Votes Withheld
David Gong 8,074,465 1,000
P. Sue Perrotty 8,074,465 1,000
2. Ratification of Appointment of Independent Registered
Public Accounting Firm

Our stockholders ratified the appointment of WithumSmith Brown as
our independent registered public accounting firm for our fiscal
year ending December 31, 2016. We set forth below the results of
the stockholder vote on this proposal:

Votes For Votes Against Abstentions
8,077,010 1,000 2,000
3. Approval of the Amendment

Our stockholders approved the Amendment. We set forth below the
results of the stockholder vote on this proposal:

Votes For Votes Against Abstentions
8,069,461 2,004 4,000

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

We incorporate by reference herein the Exhibit Index following
the page to this Current Report on Form 8-K.


About AXAR ACQUISITION CORP. (NASDAQ:AXAR)

Axar Acquisition Corp., formerly AR Capital Acquisition Corp., is a shell company. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company seeks to complete a business combination with an operating company in the asset management sector, but may also pursue acquisition opportunities in any industry or sector, except that, under its amended and restated certificate of incorporation, it will not be permitted to effectuate its business combination with another blank check company or similar company with nominal operations. The Company has not commenced any operations and has not generated any revenues.

AXAR ACQUISITION CORP. (NASDAQ:AXAR) Recent Trading Information

AXAR ACQUISITION CORP. (NASDAQ:AXAR) closed its last trading session 00.00 at 9.85 with 2,800 shares trading hands.

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