To the Stockholders of SPACEHAB, Incorporated:
You are cordially invited to attend the Special Meeting of Stockholders for SPACEHAB, Incorporated (the �Company�) to be held at the Company�s Corporate Headquarters located at 12130 Highway 3, Building 1, Webster, Texas 77598 on November 20, 2007, at 10:00 a.m. Information about the meeting and the proposals to be considered are presented in the Notice of Special Meeting and the proxy statement on the following pages.
At the meeting you will be asked to consider and vote on the following matters relative to the Company�s capital structure:
(i) An amendment to Article Four of the Company�s Amended and Restated Articles of Incorporation increasing the number of authorized shares of common stock of the Company from 70 million shares to 750 million shares;
(ii) A reverse split of the Company�s common stock in the ratio of one share of new common stock for each ten shares of old common stock;
(iii) To transact such other business as may properly come before the meeting and any adjournment thereof.
The Board of Directors has approved these proposals and the Company urges you to vote in favor of these proposals and such other matters as may be submitted to you for a vote at the meeting.
The Board of Directors has fixed the close of business on October 17, 2007 as the record date for determining stockholders entitled to notice of, and to vote at, the Special Meeting.
Nov 20th 10 am and you're cordially invited so don't be late ! ;-)
Yes. I sold my TMTA expecting the haircut and then it went up. Go figure. And TMTA's only asset these days is some patent infringement suits.
I loved TMTA when they were going to create the chips that powered cheap low-power notebooks. Should have got out earlier.
That said, I like where SPAB is going and keeping it listed on Nasdaq seems worth the effort.
They need R/S to avoid delisting.
They need to increase the authorization of share printing to fund. Share printing to make cash.
These are negative.
By shareholder meeting, we should be in low teens.
If R/S not approved, brace for single digits in cent.
Just my thought.
Its true that they are negatives, but not in a relative sense. The alternative is much worse, and it shows that management is doing what it takes to ensure that the stock is not delisted and they are doing what it takes to manage the debt and place the company on more firm financial footing. If there is a better plan, I'd like to hear it... besides of course the wonderfully insightful comments of "get more contracts" or "make more money". Personally I think the prospects for the company are much better now than they were a few months ago, considering that there is at least a present solution to the delisting problem and there is a movement towards decreasing debt.
Are these guys ever gonna get some good news?
Rather then reverse split id rather see them get delisted.
I've seen many stocks do better after delisting.
Reverse split almost never works.
Better yet. How bout landing some more new contracts!
That $35 million indefinite contract for processing at Vandenburg was nice , that was just a few months back with contract under it landed a few weeks ago. We got COTS comming up too. And we got .75 million to expand on the Florida facility. Its not all bad... =)
I'm confused, they are doing a reverse split and somehow it says they are increasing the number of shares to 750 million? Are they both reverse splitting and diluting? =/ I thought it would be going from 70 million to 7 million? Wouldn't that be the right way?
It will be 75m of the new 10 for 1 shares at the end. The number of shares need to be increased in order to be offset against any new convertible bonds. Looks like he's looking to borrow about $100-200m to finance on-orbit manufacturing and ARCTUS. Of course any COTS win would cover that but you can't bank on that upfront.