Prime Media Holdings Inc. said Wednesday that it had secured Securities and Exchange Commission (SEC) approval to proceed with its 2026 annual stockholders' meeting (ASM) on July 15 without electing independent directors.
The company said it had received a letter from the SEC granting its request for exemptive relief. It was also told convene a special stockholder's meeting (SSM) within 30 days after the ASM to elect independent directors.
The company said that once qualified nominees were identified and approved, it would either amend its definitive information statement before the annual meeting or proceed with the SSM.
The SEC approval comes weeks after the regulator fined Prime Media for repeatedly failing to hold annual stockholders' meetings on time.
The company was ordered to pay P560,000 in administrative fines after missing statutory deadlines for its 2022, 2023 and 2024 annual meetings, although the SEC stopped short of imposing harsher sanctions after the company assured the regulator it would address the compliance issues.
Prime Media’s share price fell by two centavos to close at P0.71 each on Wednesday.
