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Sunworks' shareholders approve reverse stock split

Sunworks Inc.'s shareholders approved an amendment to effect a reverse stock split of the company's issued and outstanding common stock at a ratio between 1-for-3 and 1-for-10.

The exact ratio will be set by the board before May 21, 2020, or the board may opt to abandon the proposed amendment and not implement the reverse stock split.

Sunworks' shareholders during an annual meeting Aug. 7 also approved the addition of 2 million shares of common stock reserved for issuance under the company's 2016 equity incentive plan, from 1.8 million to 3.8 million.

The shareholders also elected five directors to the company's board: Charles Cargile, Rhone Resch, Joshua Schechter, Stanley Speer and Daniel Gross.