In a key move, Alcoa Corporation (NYSE:AA) secured approval from its shareholders for a significant stock issuance, as revealed by a recent SEC filing. The approval, granted during a Special Meeting on Monday, enables the issuance of common and non-voting convertible preferred stock to shareholders of Alumina (OTC:AWCMY) Limited.
The proposal, which is a crucial step in the ongoing transaction between Alcoa and Alumina Limited, received overwhelming support with 126,229,395 votes in favor, 376,528 against, and 601,745 abstentions. The issuance does not involve broker non-votes.
In conjunction with this, shareholders also approved the potential adjournment of the Special Meeting to allow for additional proxy solicitation if necessary. This measure, which garnered 117,321,655 votes for and 9,229,092 against, with 656,921 abstentions, was ultimately not needed following the successful passage of the stock issuance proposal.
Alcoa, a Delaware-incorporated company headquartered in Pittsburgh, Pennsylvania, is a prominent player in the primary production of aluminum. This strategic move involving Alumina Limited shareholders is part of Alcoa's broader business initiatives.
The company's business address is 201 Isabella Street, Suite 500, Pittsburgh, PA 15212, and it can be contacted via phone at 412-315-2900. Alcoa Corporation's filings are available on the SEC's website, and this specific report, dated July 17, 2024, was filed under the SEC Act of 1934, reflecting the events and shareholder decisions as of July 16, 2024.
This article is based on a press release statement.
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