Nasdaq: Velocity Express violated shareholder approval requirements on preferreds offering

By Sheri Kasprzak

New York, July 15 - Nasdaq issued a warning to Velocity Express Corp. Friday, informing the company that it did not seek necessary approval from its shareholders for a recent preferred stock offering, according to an 8-K filing with the Securities and Exchange Commission Friday.

The notice came after Velocity sent notice to Nasdaq that it would be listing additional share following the sale of series N convertible preferred stock.

To resolve the matter, Velocity Express issued notice to the investor of the preferreds that no shares could be obtained without shareholder approval.

The shareholders have since given their approval for the issuance of the shares and, according to the SEC filing, the matter has been resolved.

Based in Westport, Conn., Velocity Express is a same-day postal delivery service. On Friday, its stock closed down $0.06 at $6.74.

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