XATA Holders OK Turnpike Acquisition

by EIN on 2010/02/22

in economy

February 22, 2010 (FinancialWire) XATA Corp. (NASDAQ: XATA) shareholders voted on February 17 to approve various proposals made in connection with the companys acquisition of Turnpike Global Technologies LLC and Turnpike Global Technologies.

The proposals approved included an increase the number of authorized common and preferred stock, amendments to the companys certificates of designation, consent to the issuance stock in connection with the acquisition and related financing pursuant to NASDAQ Stock Market requirements, approval of a new series of preferred stock, an election to opt out of the Minnesota Control Share acquisition Act and the election of eight directors.

The approvals received from XATAs shareholders will also result in the conversion of $30.2 million of outstanding debt of the company, which was incurred to finance the Turnpike acquisition and for other purposes, into shares of the new Series G preferred stock and warrants to purchase common stock of the company.

Minnesota-based XATA offers on-demand software and services designed to help companies manage trucking fleet operations.

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