NTN Buzztime, Inc. (AMEX: NTN) revealed that shareholders of the firm have accepted the merger proposal between NTN Buzztime and Brooklyn Immuno Therapeutics LLC. The merger between the two firms is dependent on the fulfillment of certain closing conditions. NTN is anticipating that the combination deal between the firms will be executed in the coming two weeks.
In the meeting of NTN shareholders, it has disclosed the acceptance of 6 proposals including Proposal 1, 2, 3, 5, 7, and 8. Proposals 4 and 6 did not get the authorization of the shareholders of the firm. Proposal 1 is related to the granting of ordinary shares of NTN to the members of Brooklyn. Proposal 2 is about the modification to NTN's certificate of combination to result in a reverse stock split of the ordinary shares of NTN, with a range of one new share for every 2 to 10 shares.
Furthermore, Proposal 3 is related to the modification to NTN's certificate of combination to raise the number of approved shares to 100 million shares. Proposal 5 includes permitting a modification to NTN's certificate of combination to change NTN's business name to Brooklyn Immuno Therapeutics, Inc. upon the execution of the combination.
Proposal 7 and 8 are about the authorization of the 2020 stock incentive plan of Brooklyn Therapeutics and the permission on a recommended basis the reward that will be compensated or may become due to the named executive officers of NTN concerning the combination, respectively.
Proposal 4 and 6 which were not permitted are related to the modification of NTN's certificate of combination to award elective rights to the holders of NTN's outstanding Series A convertible preferred stock on an as-converted to the ordinary shares’ basis, and Proposal 6 is about the trade of the assets concerning to NTN's momentous business to eGames.com Holding LLC, respectively.