Cell Therapeutics

Cell Therapeutics adjourns annual shareholder meeting due to lack of quorum

Published in Physician Law Weekly, July 26th, 2006

Cell Therapeutics, Inc., (CTI, CTIC) adjourned its annual shareholder meeting because a quorum of the common shares was not represented at the meeting.

Under Washington law and the company's bylaws, a quorum consisting of a majority of the shares entitled to vote at the meeting must be represented in person or by proxy in order to transact business at the meeting.

As of the record date, April 17, 2006, a large number of CTI's outstanding shares were held in Italy. Italian privacy laws make it difficult to contact these shareholders and solicit their votes. In addition, quorum requirements for Italian companies are different than those for U.S....

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Source: Physician Law Weekly (2006-07-26)

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