Corporate ActionJul 13, 2026, 01:26 PM
DATA I/O Converts $6.8M Debenture to Preferred Stock After Shareholder Vote
AI Summary
DATA I/O Corporation's shareholders approved the potential issuance of common stock below the Nasdaq Minimum Price to convertible debenture holders, triggering the automatic conversion of a $6.83 million debenture into 6,841.33 shares of Series B Convertible Preferred Stock. This issuance is exempt from SEC registration. Additionally, shareholders approved an amendment to the 2023 Omnibus Incentive Compensation Plan, increasing the shares reserved for issuance, elected five directors, and ratified Grant Thornton LLP as independent auditors.
Key Highlights
- Shareholders approved potential issuance of common stock below Nasdaq Minimum Price.
- Convertible debenture of $6,825,400.00 automatically converted to equity.
- 6,841.33 shares of Series B Convertible Preferred Stock issued to investors.
- Preferred Stock issuance is exempt from Securities Act registration.
- Shareholders approved 2026 Amendment to 2023 Plan, increasing share reserve.
- Five directors were elected to the Board.
- Grant Thornton LLP was ratified as independent auditors with 96.60% votes For.
- The 2023 Plan amendment was approved with 74.70% votes For.
Price Impact
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