QUINCY, Ill. (March 5, 2010)—Titan International Inc. stockholders have approved doubling the number of authorized shares of Titan common stock to 120 million.
A quorum of 29.8 million common shares voted on the proposal, Titan said, with about 86 percent in favor of an increase during the company's annual shareholders meeting March 4 in Quincy.
“Titan would like to thank our stockholders for this vote of confidence as we move forward,” said Maurice Taylor Jr., Titan chairman and CEO. “This increase in authorized shares will allow the company additional flexibility for possible business opportunities.”
In the company's proxy statement, Titan's board of directors said the increase will allow the company to consider things such as: financing and acquisition transactions; strategic investments; public or private offerings of common stock or convertible securities; and other corporate programs and purposes that have not yet been identified.