EnerJex Resources Stockholders Vote in Favor of Merger with AgEagle Aerial Systems
21 Março 2018 - 5:05PM
EnerJex Resources, Inc., (NYSE American: ENRJ) announced today that
its stockholders have voted to approve, among other proposals, the
issuance of the Company’s common stock in connection with the
Company’s proposed merger with robotic drone company AgEagle Aerial
Systems.
The proposed merger and financing, which was
announced in October, 2017, will provide significant working
capital for AgEagle, an agriculture focused drone and aerial
imagery analytics company. The merger is expected to close in
the next week at which time the Company’s name will change to
AgEagle Aerial Systems Inc. and the ticker symbol will also
change to “UAVS.”
“On behalf of the EnerJex Board of Directors, I
would like to thank our stockholders for their support for the
merger and throughout our business transformation,” said Louis
Schott, CEO of EnerJex. “AgEagle products are designed to
improve centuries old farming methodologies through the use of GPS
technology, high-resolution aerial imagery, computer learning and
robotics. The precision agriculture industry offers a rich
opportunity to develop a high-growth technology business that
provides farmers with impactful insights using computer driven
analysis of high resolution aerial imagery.”
Nine proposals were presented to the
stockholders of EnerJex at the special meeting held on March 21,
2018, all of which were approved. The final voting results of
each proposal will be disclosed in a Current Report on Form 8-K, to
be filed with the SEC. In addition to Proposal 1, the
issuance of merger shares, the shareholders also voted favorably
for Proposal’s 2-9, including: To amend the Series A Preferred
Stock; To Change the Name of the Company; To Approve the Omnibus
Stock Plan; To Approve the Issuance of Shares to Current Employees
and Directors; To Approve Conversion of the Series C Preferred
Stock; To Approve Conversion of the Series A Preferred Stock; To
Approve the Issuance of Stock for the Private Placement; and to
Adjourn the Shareholder Meeting if necessary.
The Company plans to conduct a 25 for 1 reverse
stock split, which was approved by shareholders on April 27, 2017,
prior to the closing of the merger.
Forward-Looking Statements
CAUTIONARY INFORMATION ABOUT
FORWARD-LOOKING STATEMENTS
Apart from statements of historical fact, the
text of this press release constitutes forward-looking statements
within the meaning of the U.S. securities laws, and is subject to
the safe harbors created therein. These statements include, but are
not limited to, statements regarding the future business operations
of EnerJex Resources, Inc. (the “Company”), the prospect for
development of AgEagle Aerial Systems’ drone devices, the
possibility of a merger transaction between the companies, and
possible benefits from such a merger for the companies and their
respective stakeholders. These forward-looking statements speak
only as of the date of this news release. The Company does not
undertake to update any of these forward-looking statements to
reflect events or circumstances that occur after the date hereof.
Such statements reflect management’s current views and are based on
certain assumptions that may or may not ultimately prove valid. The
Company’s actual results may vary materially from those
contemplated in such forward-looking statements due to risks and
uncertainties to which the Company is subject, including
uncertainties about the parties’ ability to complete the merger;
uncertainties concerning the sufficiency of the Company’s remaining
funds to continue operations; uncertainties regarding the
negotiation with the Company’s lenders; uncertainties as to whether
AgEagle will become profitable; and other factors that are
described under the heading “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2016, the
Company’s Quarterly Report on Form 10-Q for the fiscal quarter
ended June 30, 2017, the Company’s Form 8-K filed on October
20, 2017and the Company’s Proxy Statement/Prospectus dated February
14 , 2018.
Investor Contact:
EnerJex Resources, Inc.
Louis Schott
210-559-1670
Enerjex Resources, Inc. (AMEX:ENRJ)
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