BEIJING, June 8, 2012 /PRNewswire-Asia-FirstCall/ -- China Agritech, Inc., a Delaware corporation (the "Company"), today announced that the annual meeting of stockholders of the Company will be held on Monday, June 25, 2012 in Wilmington, Delaware.
Stockholders of record as of the close of business on June 8, 2012 (U.S. Eastern Daylight Time) are entitled to receive notice of, and to vote at, the annual meeting and any adjournment or postponement of that meeting. The annual meeting will be held at 10:00 A.M, U.S. Eastern Daylight Time, at the DoubleTree Hotel, 700 N. King Street, Wilmington, Delaware, United States. Proof of share ownership is required for admittance to the annual meeting.
The date of the annual meeting was set following an order issued by the Delaware Court of Chancery requiring the Company to hold its annual meeting on June 25, 2012. In litigation before the Delaware Court of Chancery, Glickenhaus & Co. asked the court to order the Company to hold its annual meeting promptly.The annual meeting will proceed using the special quorum rule set forth in Section 211 of the Delaware General Corporation Law. That rule provides that when the Court of Chancery orders an annual meeting of stockholders pursuant to Section 211, the shares of stock represented at such a meeting, either in person or by proxy, and entitled to vote thereat constitutes a quorum for the purpose of the meeting, notwithstanding any provision of the certificate of incorporation or bylaws to the contrary. This requirement differs from the quorum requirement set forth in the Company's bylaws, which would otherwise require a majority of the shares of stock of the Company to be represented at a meeting to constitute a quorum.