Broadway Financial Corporation Files Supplement to Proxy Statement for Annual Meeting
June 15 2020 - 8:00PM
Business Wire
Broadway Financial Corporation (the “Broadway”) (NASDAQ Capital
Market: BYFC) reported today that it has filed a supplement with
the Securities and Exchange Commission to its previously filed
proxy statement for Broadway’s annual meeting of stockholders that
will be held at 2 p.m. Pacific Time on June 24, 2020.
The proxy statement supplement informs stockholders that a
preliminary proxy statement was filed with the SEC on June 9, 2020
by Commerce Home Mortgage, LLC (“Commerce”) and related persons and
entities stating that Commerce intends to nominate a candidate for
election to Broadway’s board of directors at the annual meeting and
to solicit stockholder votes for such candidate in opposition to
the two currently serving directors that have been nominated for
reelection to the board. Commerce states that it also intends to
solicit votes against the proposal to approve executive
compensation on an advisory basis that is described in Broadway’s
proxy statement.
As discussed in greater detail in Broadway’s proxy statement
supplement, Commerce was not a stockholder of record of Broadway as
of the record date for the annual meeting, which was May 1, 2020,
and therefore is not eligible under Broadway’s bylaws to nominate a
candidate for election to Broadway’s board of directors at the
annual meeting. Accordingly, any nomination by Commerce will not be
accepted if made, and votes cast for any Commerce nominee will not
have any effect.
Additional Important Information. The proxy statement
supplement provides additional important information for
consideration by Broadway stockholders, including information
regarding persons who may be deemed to be “participants” in
Broadway’s solicitation of proxies for use at the annual meeting of
stockholders as defined by the proxy rules of the SEC, which term
includes Broadway and its directors. The proxy statement supplement
may be accessed and copies of the supplement may be obtained
without charge in the manner described in Broadway’s proxy
statement and is also available without charge on the SEC’s website
at www.sec.gov. Stockholders may also contact Alice Wong, Vice
President and Corporate Secretary of Broadway at (213) 634-1700,
Ext.3269 for assistance in obtaining the proxy statement and the
supplement thereto.
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version on businesswire.com: https://www.businesswire.com/news/home/20200615005803/en/
Brenda J. Battey, Chief Financial Officer, (323) 556-3264; or
investor.relations@broadwayfederalbank.com
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