Zoltek Issues Response to Request for Special Shareholder Meeting, Says Will Continue Review
Zoltek Companies, Inc. (Nasdaq: ZOLT) today reported that it had received a request for a special shareholders meeting from a group of shareholders that filed a Schedule 13D reporting beneficial ownership of an aggregate of approximately 10.1% of the Company's outstanding common stock. The group indicated that it is led by Quinpario Partners, LLC and Jeffry N. Quinn. The group is seeking the special shareholders meeting in order to remove the six current members of the Board of Directors without cause and elect a new slate of five directors.
The Company has advised the group's counsel that, based on the Company's preliminary review of the request, it appears that the request is deficient in several material respects, including both as to form and content. The Company further advised the group's counsel that, in view of the deficiencies, the Company does not plan to call the special shareholders meeting requested in the letter. Finally, the Company stated that it will continue its review and respond to the group in greater detail once it has a reasonable opportunity to consider the matters set forth in the letter.
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