{"id":398998,"date":"2020-12-14T08:40:19","date_gmt":"2020-12-14T13:40:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=398998"},"modified":"2020-12-14T08:40:19","modified_gmt":"2020-12-14T13:40:19","slug":"barnhill-receives-requisite-number-of-written-consents-to-refresh-tessco-board-and-amend-bylaws","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/barnhill-receives-requisite-number-of-written-consents-to-refresh-tessco-board-and-amend-bylaws\/","title":{"rendered":"Barnhill Receives Requisite Number of Written Consents to Refresh TESSCO Board and Amend Bylaws"},"content":{"rendered":"
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TESSCO Shareholders Consent to Removal of John D. Beletic, Cathy-Ann Martine-Dolecki and Ronald D. McCray and Election of J. Timothy Bryan and Kathleen McLean<\/h2>\n

Barnhill Demands that TESSCO Immediately Call a Formal Board Meeting of the Newly Constituted Board<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n HUNT VALLEY, Md.<\/span>, Dec. 14, 2020<\/span> \/PRNewswire\/ —\u00a0Robert B. Barnhill, Jr. (together with the other participants of the consent solicitation, the “Barnhill Participants”), one of the largest stockholders of TESSCO Technologies Incorporated (the “Company” or “TESSCO”) (NASDAQ:\u00a0 TESS), delivered written consents to the Company on December 11, 2020<\/span> from the holders of at least 67% of the Company’s outstanding common stock to remove John D. Beletic<\/span>, Cathy-Ann Martine-Dolecki<\/span> and Ronald D. McCray<\/span> from the Board of Directors (the “Board”) and to elect J. Timothy Bryan<\/span> and Kathleen McLean<\/span> as directors.\u00a0 The Barnhill Participants also delivered written consents from the holders of at least 67\u00a0% of the Company’s outstanding common stock to reduce the percentage of shareholders that may cause the Company to call a special meeting of shareholders to holders of 25% of the votes outstanding and entitled to vote at a special meeting\u00a0(which was the standard before the other Board members attempted to further entrenched themselves by amending the Bylaws without shareholder approval to increase the threshold to 50%).\u00a0 Under Delaware law, the changes to the Board and Bylaws take effect immediately upon the delivery of the requisite number of consents.<\/p>\n

“I am grateful that the shareholders have supported this critical first step in putting TESSCO back on the path to success and I look forward continuing to advocate for a fully-reconstituted Board,” noted Mr. Barnhill. <\/p>\n

The consents collected by the Barnhill Participants also indicate overwhelming shareholder dissatisfaction with existing Board members Jay G. Baitler<\/span>, Paul J. Gaffney<\/span> and Morton F. Zifferer<\/span>.<\/p>\n