Team, Inc. Announces Adjournment of Special Meeting of Shareholders
November 02 2022 - 4:45PM
Team, Inc. (NYSE: TISI) (“TEAM” or the “Company”)
convened its Special Meeting of Shareholders on November 2, 2022,
and shareholders approved proposals to authorize the Company’s
Board of Directors to implement a reverse stock split, and to
adjourn the meeting to provide shareholders with additional time to
vote on Proposal One to approve an increase in the total number of
authorized shares of common stock, par value $0.30 per share (the
“Common Stock”) of the Company from 60,000,000 shares to
120,000,000 shares of Common Stock. The Special Meeting will be
reconvened on Tuesday, November 8, 2022 at 3:00 p.m. Central Time
at the Company’s principal executive office located at 13131 Dairy
Ashford, Sugar Land, Texas 77478. The sole matter of business
before the reconvened Special Meeting will be Proposal One.
Shareholders have thus far strongly supported
Proposal One. At the time the meeting was convened on November 2,
2022, approximately 94% of the shares that had been voted on
Proposal One had been voted in its favor. However, the favorable
votes constituted less than required the two-thirds of all
outstanding shares on the record date needed for approval.
Proposals Two and Four were approved at the Special Meeting. Each
of these proposals are described in the Company’s definitive proxy
statement for the Special Meeting, which was filed with the
Securities and Exchange Commission on September 19, 2022.
The record date for determining shareholders
eligible to vote on Proposal One at the Special Meeting remains
September 12, 2022.
TEAM strongly encourages any eligible
shareholder that has not yet voted their shares, or provided voting
instructions to their broker or other record holder, to do so
promptly. No action is required by any shareholder who has
previously delivered a proxy and who does not wish to revoke or
change that proxy.
Shares may be voted via the Internet or by
telephone. Questions should be addressed to the Company’s proxy
solicitor: Georgeson LLC at (866)-413-5901 (toll free) from 9 a.m.
11 p.m. Eastern Time on Monday - Friday, and from 12 p.m. - 6 p.m.
Eastern Time on Saturdays.
Additional InformationThis
communication may be deemed to be solicitation material in respect
of Proposal One. On September 19, 2022, Team, Inc. filed a
definitive proxy statement with the Securities and Exchange
Commission (“Commission”) in connection with the Special Meeting.
SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE
PROXY STATEMENT AND ANY OTHER SOLICITING MATERIALS THAT ARE FILED
WITH THE COMMISSION WHEN THEY BECOME AVAILABLE BECAUSE THESE
DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE
PROPOSAL TO BE VOTED UPON. The Company’s proxy statement and any
other solicitation materials filed by the Company with the
Commission can be obtained free of charge at the Commission’s
website at www.sec.gov and at the “Investors” section of the
Company’s website at www.teaminc.com. Shareholders may also may
request a copy of these materials at no cost by contacting the
Company at Team, Inc., Attention: André C. Bouchard, Corporate
Secretary, 13131 Dairy Ashford, Suite 600, Sugar Land, Texas 77478
or (281) 331-6154. The Company, its directors and certain of its
officers and employees will be participants in the solicitation of
proxies from shareholders in respect of the Special Meeting. The
Company has also engaged Georgeson LLC to aid in the solicitation
of proxies. Detailed information regarding the identity of
participants, and their respective interests in the Company by
security holdings or otherwise, are set forth in the definitive
proxy statement for the Special Meeting. The contents of the
websites referenced above are not deemed to be incorporated by
reference into the proxy statement.
About Team, Inc.Headquartered
in Sugar Land, Texas, Team, Inc. is a global leading provider of
integrated, digitally-enabled asset performance assurance and
optimization solutions. We deploy conventional to highly
specialized inspection, condition assessment, maintenance and
repair services that result in greater safety, reliability, and
operational efficiency for our client’s most critical assets.
Through locations in more than 20 countries, we unite the delivery
of technological innovation with over a century of progressive, yet
proven integrity and reliability management expertise to fuel a
better tomorrow. For more information, please visit
www.teaminc.com.
Forward-Looking Statements
Certain forward-looking information contained herein is being
provided in accordance with the provisions of the Private
Securities Litigation Reform Act of 1995. We have made reasonable
efforts to ensure that the information, assumptions, and beliefs
upon which this forward-looking information is based are current,
reasonable, and complete. However, such forward-looking statements
involve estimates, assumptions, judgments, and uncertainties. Many
factors could cause actual results or outcomes to differ materially
from those addressed in the forward-looking information, including
those discussed in the Company’s Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
each as filed with the Securities and Exchange Commission, and in
other reports filed by the Company with the Securities and Exchange
Commission from time to time. Accordingly, there can be no
assurance that the forward-looking information contained herein
will occur or that objectives will be achieved. We assume no
obligation to publicly update or revise any forward-looking
statements made today or any other forward-looking statements made
by the Company, whether as a result of new information, future
events or otherwise, except as may be required by law.
Contact: Nelson HaightSenior Vice President and
Chief Financial Officer (281) 388-5521
Team (NYSE:TISI)
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