OPEL Technologies Inc of Toronto, Ontario, Canada – which develops III-V semiconductor devices and processes through US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Storrs, CT – says that its board of directors has amended the firm’s stock option plan to increase the number of shares reserved for issuance under the plan from 18,472,000 to 26,475,000. The reserved number of 26,475,000 represents 20% of the issued and outstanding common shares of the company.
The existing plan was approved by shareholder on 21 June 2011. The amendment is subject to approval by the TSX Venture Exchange (TSXV) and will be submitted for shareholders’ approval at OPEL’s upcoming annual general meeting (AGM) in June.
There are currently 17,399,000 options outstanding under the plan and 461,000 options available for future grants. With the increase in the reserved number, the firm will have 8,003,000 available options for future grants under the amended plan.
