TISI - Team to issue 5.9M warrants bypassing shareholder OK; shares hit 20-year low

Team Inc. (TISI -46.3%) tumbles to its lowest in at least two decades after earlier issuing a going concern warning and then saying it will issue more than 5.9M warrants at a $1.50/share exercise price without seeking shareholder approval to help shore up its cash position. Team says its board decided "the delay necessary in securing shareholder approval prior to the issuance of the warrants would seriously jeopardize the financial viability" of the company. Team says the New York Stock Exchange accepted its application of the exception to issue the warrants. The company reported a Q3 adjusted loss of $1.01/share.

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Team to issue 5.9M warrants bypassing shareholder OK; shares hit 20-year low