By a News Reporter-Staff News Editor at Investment Weekly News -- On August 27, 2014, Dataram Corporation (the "Company") announced that it has determined to postpone the 2014 Annual Meeting of the Stockholders of the Company (the "Annual Meeting"), originally scheduled to be held at 2:00 p.m., Eastern Daylight Time, on Thursday, September 18, 2014. A new date for the Annual Meeting has not yet been determined. The Company also announced that it has reached an agreement in principle with investors (the "Investors") for the sale of shares of a newly adopted series of Preferred Stock of up to $5 million together with Common Stock Purchase Warrants. The transaction is subject to, among other things, the execution of definitive documents, due diligence, continued listing of the Company's common stock on The NASDAQ Stock Market, and stockholder approval (the "Preferred Stock Sale Approval"). In addition, the definitive documents will require the Company to increase its Board of Directors to five (5) members, and to nominate three (3) directors on behalf of the Investors to the Company's Board of Directors at the Annual Meeting (the "Director Proposal"). As such, the Company determined to postpone the Annual Meeting in order to finalize the aforementioned definitive documents and include the Preferred Stock Sale Approval and the Director Proposal in the Definitive Proxy for the Annual Meeting.
A formal notice setting forth the exact date, time, and location of the rescheduled meeting will be mailed to stockholders in due course.
John H. Freeman, Dataram's President and CEO commented, "We are excited that this transaction will help with the curing of the NASDAQ deficiency letter and provide funds for expansion and growth of Dataram".
ABOUT DATARAM CORPORATION
Keywords for this news article include: Dataram Corporation, Investment and Finance.
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