Accuray (NASDAQ:ARAY) stockholders approved three proposals at the company’s 2026 Special Meeting of Stockholders, including measures related to a planned preferred-stock financing, an increase in authorized common shares and a potential reverse stock split.
The virtual meeting was led by President and Chief Executive Officer Steve La Neve, who said the company chose the format to provide convenience and enable broader stockholder participation. A quorum was present virtually or by proxy, according to Chief Legal Officer and Corporate Secretary David Shin.
Stock Issuance Proposal Approved
Chief Financial Officer Ali Pervaiz said the board recommended that stockholders vote in favor of the proposal.
Authorized Share Increase
Stockholders also approved an amendment to Accuray’s amended and restated certificate of incorporation that increases the number of authorized common shares to 400 million from 200 million.
The company said the increase is intended to provide a sufficient number of authorized shares for the common stock that may be issued upon conversion of the Series A preferred stock.
Reverse Split Authority
The third approved proposal authorizes an amendment to the company’s certificate of incorporation to effect a reverse stock split at a ratio ranging from 1-for-15 to 1-for-40. Accuray’s board will determine the specific ratio at its discretion.
The authorization is intended to allow the company to regain compliance with Nasdaq’s bid-price listing requirements. The board may implement the reverse split at any point within one year of the special meeting without seeking additional stockholder approval.
Pervaiz said preliminary proxy tabulations indicated sufficient votes to approve each of the three proposals. As a result, a fourth proposal regarding potential adjournment of the meeting was not submitted to stockholders for a vote.
La Neve reported that each of the Nasdaq stock issuance proposal, authorized-shares increase proposal and reverse stock split proposal had been approved based on preliminary vote counts. He said the Inspector of Election would complete a final vote count, with final results to be filed with the Securities and Exchange Commission on Form 8-K within four business days.
No stockholder questions requiring a response were raised during the meeting. The company said its annual meeting of stockholders is scheduled to be held in November.
About Accuray (NASDAQ:ARAY)
Accuray Incorporated develops, manufactures and supports radiation therapy systems used by hospitals and cancer treatment centers. Its technologies are designed to deliver precise, noninvasive radiotherapy and radiosurgery for treating tumors throughout the body.
The company’s product portfolio includes the CyberKnife System, a robotic platform used for stereotactic radiosurgery and stereotactic body radiation therapy, and the Radixact System, a helical radiation therapy platform based on TomoTherapy technology.
