Two members of the board of Israel-based On Track Innovations have resigned, following pressure from dissident shareholders seeking to capture control of the board of the financially struggling contactless and NFC supplier.
Mark Green and David Stone submitted their resignations today, effective immediately, according to a company filing with the U.S. Securities and Exchange Commission. They quit a day after OTI’s board gave in to demands by dissident shareholders to call a special shareholders meeting before the end of the year to vote on removing three existing board members and to consider electing a slate of eight board candidates. OTI had earlier rejected the demands. UPDATE: That special shareholders meeting is now scheduled for Dec. 30. END UPDATE.
As NFC Times reported Monday, OTI’s second largest investor, Jerry Ivy, who is backed by veterans of successful proxy fights at a number of other, mostly American, companies, is seeking to seize control of the board of OTI, which hasn’t turned a profit in its 22-year history.