ImageWare Systems, Inc. (OTCMKTS:IWSY) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders.
On or about March 25, 2020, ImageWare Systems, Inc. (the “Company”) began soliciting written consents (“Written Consents”) from its stockholders of record as of March 25, 2020 (the “Record Date”) in lieu of a special meeting to the Consent Solicitation Statement on Schedule 14A filed with the Securities and Exchange Commission on April 30, 2020 (the “Consent Solicitation Statement”), to approve stockholder resolutions to authorize the matters set forth below. The results of such voting as of June 5, 2020 (the “Expiration Date”) follows:
Proposal 1 – Approval to Amend the Company’s Charter to Increase Authorized Common and Preferred Stock
The vote required to approve this proposal was the affirmative vote of a majority of the votes cast by the Expiration Date. Accordingly, the Company’s stockholders approved via Written Consent, an amendment to the Company’s Certificate of Incorporation, as amended (the “Charter”), to increase the number of shares of the Company’s Common Stock and the number of shares of the Company’s Preferred Stock, authorized thereunder from an aggregate total of 179 million to 350 million, consisting of 345 million shares of Common Stock and 5.0 million shares of Preferred Stock (the “Charter Amendment”).
Proposal 2 – Adoption of the 2020 Omnibus Stock Incentive Plan
The vote required to approve this proposal was the affirmative vote of a majority of the votes cast on the proposal. Accordingly, the Company’s stockholders voted in favor of the adoption of the 2020 Omnibus Stock Incentive Plan included in the Company’s Consent Solicitation Statement.
Stockholder approval of the Proposals were effective upon receipt by the Company of affirmative Written Consents, not previously revoked, representing at least 83,099,186 votes, or a majority of votes that may be cast by our issued and outstanding voting securities as of the Record Date which was approximately 123,571,472 shares of Common Stock issued and outstanding.
About ImageWare Systems, Inc. (OTCMKTS:IWSY)
ImageWare Systems Incorporated (ImageWare) provides biometrically enabled software-based identity management solutions. The Company’s product, IWS Biometric Engine, is a multi-biometric software platform that is hardware and algorithm independent, enabling the enrollment and management of unlimited population sizes. It allows a user to utilize one or more biometrics on an integrated platform. Its products are used to manage and issue secure credentials, including national identifications (IDs), passports, driver licenses and access control credentials. It also provides authentication security software using biometrics to secure physical and logical access to facilities or computer networks or Internet sites. ImageWare categorizes its identity management products and services into three markets, including Biometrics, Secure Credential, and Law Enforcement and Public Safety markets.
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