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Activist shareholder drops bid to shake up Global Atomic board

A dissident shareholder group has dropped its bid to shake up the board of Global Atomic Corp., the company said in a June 7 release.

Greyling Investments Inc., which reportedly owns about 7.33% of Global Atomic's issued and outstanding shares, recently said it nominated six directors to be elected to the company's board at a June 20 shareholders' meeting. The shareholder said the current board was "heavily conflicted," and the company suffered from poor performance, among other things.

In response, Global Atomic said the shareholder was "self-interested" and had "a personal issue against the company."

"We are pleased to put this costly distraction behind us and focus on the critical business of executing our transformative plans for both of our business segments," Global Atomic President and CEO Stephan Roman said in the statement.