Benzinga | Mar 25, 2021 09:19AM EDT

Cancer Genetics Reports Results From Annual Shareholder Meeting

Cancer Genetics, Inc. (the "Company") (NASDAQ:CGIX), an emerging leader in novel drug discovery techniques, announced the results of its March 24, 2021 shareholder meeting to approve the upcoming merger with StemoniX, Inc. ("StemoniX").

At a Special Meeting of Stockholders, CGI's stockholders, upon the unanimous recommendation of the board of directors of CGI: (a) voted in favor of the issuance of shares of Common Stock, warrants and options pursuant to the Agreement and Plan of Merger and Reorganization, dated as of August 21, 2020, as amended, with StemoniX; (b) voted in favor of the amendment to the certificate of incorporation of CGI effecting a reverse stock split of the issued and authorized shares of Common Stock, at a ratio in the range from 1-for-2 to 1-for-10, with such specific ratio to be determined by the CGI board; (c) voted to approve the Cancer Genetics, Inc. 2021 Equity Incentive Plan and to authorize for issuance 4,500,000 shares of Common Stock thereunder; and (d) voted to approve on an advisory basis, the compensation that may be paid or become payable to CGI's named executive officers in connection with the merger.

Chief Executive Officer of Cancer Genetics, Jay Roberts, stated, "The Cancer Genetics team is thankful for the participation and support of our shareholders for voting in favor of the merger with StemoniX. In addition, we are thankful to our management teams and board members from both Cancer Genetics and StemoniX for their effort in bringing the merger to this point. We are proud to be combining forces and we are prepared to execute on our business plan.