Company: BGLC
Filing Date: 2025-02-10
Form Type: PRE 14A
Source: 0001477932-25-000832
Chunk: 7

Company: BioNexus Gene Lab Corp
Filing Date: 2025-02-10
Form: PRE 14A
Chunk 7
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 of a new Series Z Preferred Stock. The terms of the new Series Z Preferred Stock (the “Series Z Preferred Stock”) are set forth in an Articles of Amendment (the “Amendment”), filed with the Wyoming Secretary of State on February [*], 2025. The Series Z Preferred Stock does not have any voting rights except with respect to this Reverse Stock Split Proposal. With respect to the Reverse Stock Split Proposal, the outstanding share of the Series Z Preferred Stock is entitled to 5,000,000,000 votes on such proposal, however, the votes by the holder of the Series Z Preferred Stock will be counted in the same “mirrored” proportion as the aggregate votes cast by the holders of our common stock who vote on this proposal. For example, if 50.5% of the shares of common stock voted in person or by proxy at the Special Meeting are voted FOR this Proposal, then we will count 50.5% of the votes cast (or 2,525,000,000 votes) by the holder of the Series Z Preferred Stock as votes FOR this Proposal. Holders of common stock and preferred stock will vote on the Reverse Stock Split Proposal as a single group.

All votes will be tabulated by our inspector of elections for the Special Meeting, who will separately tabulate affirmative and negative votes, abstentions and “broker non-votes” (i.e., shares held by a broker or other nominee having discretionary power to vote on some matters but not others). Broker non-votes occur when your broker or other nominee submits a proxy for your shares (because the broker or other nominee has received instructions from you on one or more proposals, but not all, or has not received instructions from you but is entitled to vote your shares on a particular “discretionary” matter) but does not indicate a vote for a particular proposal because the broker or other nominee either does not have the authority to vote on that proposal and has not received voting instructions from you, or has discretionary authority but chooses not to exercise it. Abstentions and broker non-votes are counted as present for purposes of determining the presence or absence of a quorum for the transaction of business. However, because brokers have discretionary authority to vote on each proposal, we do not expect any broker non-votes in connection with the two proposals.

Vote Required for Each Proposal

The voting requirements for each of the Proposals under consideration at the Special Meeting to be approved, and the effect of abstentions and broker non-votes on each Proposal, are