Item 5.07
Submission of Matters to a Vote of Security Holders.
On November 2, 2022, Innovative
Payment Solutions, Inc. (the “Company”) conducted its 2022 annual meeting of stockholders (the “Annual Meeting”).
The number of shares of common stock entitled to vote at the Annual Meeting as of the September 14, 2022 record date for the Annual Meeting
was 376,901,679 shares outstanding (the “Voting Stock”). No other shares of the Company’s capital stock were entitled
to vote at the Annual Meeting.
The number of shares of Voting
Stock present or represented by valid proxy at the Annual Meeting was approximately 265,318,730 shares. At the Annual Meeting, the Company’s
stockholders (i) elected each of William D. Corbett, Richard Rosenblum, Madisson Corbett, Clifford Henry and David Rios as a director
until the Company’s next annual meeting or until their successors shall be elected and qualified, (ii) ratified the appointment
of RBSM LLP as the Company’s independent registered public accounting firm for fiscal year ended December 31, 2022, (iii) approved
an amendment to the Company’s Articles of Incorporation to effect a reverse stock split of the issued and outstanding shares of
common stock at a ratio (to be determined in the discretion of the Company’s board of directors during a two year period ending
on November 2, 2024) within a range of one (1) share of common stock for every two (2) to thirty (30) shares of common stock, and (iv)
approved a potential adjournment of the annual meeting,
The Company’s stockholders
did not approve the proposed amendment to the Company’s Articles of Incorporation to provide the board of directors with the authority
to, at its discretion, fix by resolution or resolutions, the designations, rights and privileges of the Company’s authorized preferred
stock.
The following is a tabulation
of the voting on the proposals presented at the Annual Meeting:
Proposal No. 1 – Election of Directors
William D. Corbett, Richard
Rosenblum, Madisson G. Corbett, Clifford Henry and David Rios were each elected as a director to serve for a one-year term that expires
at the 2022 annual meeting of stockholders or until their successors shall be elected and qualified. The voting results were as follows:
| Nominee | |
Shares Voted For | | |
Shares Withheld | | |
Broker Non-Vote | |
| William D. Corbett | |
| 177,223,133 | | |
| 21,888,095 | | |
| 66,207,502 | |
| Richard Rosenblum | |
| 147,563,408 | | |
| 51,547,820 | | |
| 66,207,502 | |
| Madisson G. Corbett | |
| 163,353,921 | | |
| 35,757,307 | | |
| 66,207,502 | |
| Clifford W. Henry | |
| 147,365,918 | | |
| 51,745,310 | | |
| 66,207,502 | |
| David Rios | |
| 147,162,003 | | |
| 51,949,225 | | |
| 66,207,502 | |
Proposal No. 2 – Ratification of the
appointment of independent registered public accounting firm
The appointment of RBSM LLP
as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022 was ratified. The voting
results were as follows:
| Shares Voted For | | |
Shares Voted Against | | |
Shares Abstaining | | |
Broker Non-Vote |
| | 248,607,355 | | |
| 15,029,345 | | |
| 1,682,030 | | |
n/a |
Proposal No. 3 – Approval of an amendment
to the Company’s Articles of Incorporation to effect a reverse stock split of the issued and outstanding shares of common stock
at a ratio to be determined in the discretion of the board of directors within a range of one (1) share of common stock for every two
(2) to thirty (30) shares of common stock
An amendment to the Company’s
Articles of Incorporation to effect the reverse stock split at a ratio to be determined at the discretion of the Company’s board
of directors during a two year period ending on November 2, 2024 within a range of one (1) share of common stock for every two (2) to
thirty (30) shares of common stock was approved. The voting results were as follows:
| Shares Voted For | | |
Shares Voted Against | | |
Shares Abstaining | | |
Broker Non-Vote |
| | 255,141,894 | | |
| 8,538,514 | | |
| 1,638,322 | | |
n/a |
Proposal No. 4 – Approval of an amendment
to the Company’s Articles of Incorporation to provide the board of directors with the authority to, at its discretion, fix by resolution
or resolutions, the designations, rights and privileges of the Company’s authorized preferred stock
An amendment to the Company’s
Articles of Incorporation to provide the Company’s board of directors with the authority, at its discretion, to fix by resolution
or resolutions, the designations, rights, and privileges of the Company’s authorized preferred stock was not approved. The voting
results were as follows:
| Shares Voted For | | |
Shares Voted Against | | |
Shares Abstaining | | |
Broker Non-Vote | |
| | 145,049,250 | | |
| 18,118,135 | | |
| 35,943,843 | | |
| 66,207,502 | |
Proposal No. 5 – Approval of the adjournment
of the Annual Meeting
The adjournment of the annual
meeting was approved, although no adjournment was undertaken. The voting results were as follows:
| Shares Voted For | | |
Shares Voted Against | | |
Shares Abstaining | | |
Broker Non-Vote |
| | 227,272,420 | | |
| 3,550,119 | | |
| 34,496,191 | | |
n/a |
