Astrotech Announces Results from Fiscal Year 2017 Annual Meeting of Shareholders

Austin, TX - December 11, 2017 - 
 

Astrotech Corporation (NASDAQ: ASTC) (the “Company”) announced the results of its fiscal year 2017 Annual Meeting of Shareholders held on December 7, 2017 and its adjournment until December 22, 2017 with respect to Proposal 2 to approve the reincorporation of the Company from the State of Washington to the State of Delaware. Proposal 2 received 2,418,881 votes in favor, representing 97.39% of the votes cast for the reincorporation. However, the proposal requires 3,004,339 shares in order to pass. Given that the overwhelming majority of votes cast were in favor of the proposal, management extended the deadline to vote to allow more shares to be represented in the vote. The Annual Meeting of Shareholders will reconvene on December 22, 2017. 

Shareholders voted in favor of proposals 1, 3, and 4, which are as follows: (1) to elect six directors to the Company’s Board of Directors; (3) to ratify the appointment of BDO USA, LLP as the Company’s Independent Registered Public Accounting Firm for fiscal year 2018; and (4) to approve an amendment to the Astrotech Corporation 2011 Stock Incentive Plan to authorize 225,000 additional shares.
 

The proxy materials received by shareholders and available on the Security and Exchange Commission’s website (www.sec.gov) contain important information regarding Proposal 2. If shareholders have any questions regarding the proposal, they may call the Company’s Corporate Controller, Brad Sullivan, at 512-485-9530. 
 

About Astrotech

Astrotech Corporation (NASDAQ: ASTC) is an innovative science and technology company that invents, acquires, and commercializes technological innovations sourced from research institutions, laboratories, universities, and internally, and then funds, manages, and builds proprietary, scalable start-up companies for profitable divestiture to market leaders to maximize shareholder value. Sourced from Oak Ridge Laboratory’s chemical analyzer research, 1st Detect develops, manufactures, and sells chemical analyzers for use in the security, defense, healthcare, food and beverage, and environmental markets. Sourced from decades of image research from the laboratories of IBM and Kodak, Astral Images sells film-to-digital image enhancement, defect removal and color correction software, and post processing services providing economically feasible conversion of television and feature 35mm and 16mm films to the new 4K ultra-high definition (UHD), high-dynamic range (HDR) format necessary for the new generation of digital distribution. Sourced from NASA’s extensive microgravity research, Astrogenetix is applying a fast-track, on-orbit discovery platform using the International Space Station to develop vaccines and other therapeutics. Demonstrating its entrepreneurial strategy, Astrotech management sold its state-of-the-art satellite servicing operations to Lockheed Martin in August 2014. Astrotech has operations throughout Texas and is headquartered in Austin. 

 

This press release contains forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to be materially different from the forward-looking statement. These factors include, but are not limited to, whether we can successfully develop our proprietary technologies and whether the market will accept our products and services, as well as other risk factors and business considerations described in the Company’s Securities and Exchange Commission filings including the annual report on Form 10-K. Any forward-looking statements in this document should be evaluated in light of these important risk factors. The Company assumes no obligation to update these forward-looking statements.

 

Company Contact:

 

Nicole Conser

Marketing Director

Astrotech Corporation

(512) 485-9530

IR Contact:

 

Cathy Mattison and Kirsten Chapman

LHA Investor Relations

(415) 433-3777

ir@astrotechcorp.com