TEAM, INC. To Issue Warrants
The Audit Committee of the Board of Directors of TEAM determined that the delay necessary in securing shareholder approval prior to the issuance of the warrants would seriously jeopardize the financial viability of TEAM. Because of that determination, the Audit Committee, pursuant to an exception provided in the Exchange's shareholder approval policy for such a situation, expressly approved TEAM's omission to seek the shareholder approval that would otherwise have been required under that policy. The Exchange has accepted TEAM's application of the exception.
TEAM, in reliance on the exception, is mailing to all shareholders a letter notifying them of its intention to issue the warrants without seeking their approval. Ten days after such notice is mailed, TEAM will proceed to issue the warrants.
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. There are known and unknown factors that could cause actual results or outcomes to differ materially from those addressed in the forward-looking information. Although it is not possible to identify all of these factors, they include, among others, the duration and magnitude of the COVID-19 pandemic and related economic effects, the Company's liquidity and ability to obtain additional financing, the Company's ability to continue as a going concern, and such known factors as are detailed 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
Vice President, Investor Relations
View original content:https://www.prnewswire.com/news-releases/team-inc-to-issue-warrants-301423167.html