Data Storage Corp. Seeks 10x Share Increase

TL;DR

DTST wants to issue 900M more shares, vote is June 20th.

AI Summary

Data Storage Corp. announced on June 20, 2024, that it held a special meeting of its stockholders. The primary purpose of the meeting was to vote on a proposed amendment to the company's articles of incorporation to increase the number of authorized shares of common stock from 100,000,000 to 1,000,000,000. The company also disclosed information regarding the departure of a director and the election of new directors.

Why It Matters

This significant increase in authorized shares could signal future fundraising or acquisition activities, impacting existing shareholders.

Risk Assessment

Risk Level: medium — Increasing authorized shares by a factor of 10 can lead to significant dilution if not used strategically for growth.

Key Numbers

• 1,000,000,000 — Proposed Authorized Shares (To increase from 100,000,000 to facilitate future corporate actions.)
• June 20, 2024 — Meeting Date (Date of the special meeting of stockholders.)

Key Players & Entities

• Data Storage Corp. (company) — Registrant
• June 20, 2024 (date) — Date of earliest event reported
• 100,000,000 (dollar_amount) — Current authorized shares of common stock
• 1,000,000,000 (dollar_amount) — Proposed authorized shares of common stock

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share DTST The Nasdaq Capital M

Filing Documents

• e5766_8k.htm (8-K) — 71KB
• e5766_ex10-1.htm (EX-10.1) — 9KB
• 0001731122-24-001011.txt ( ) — 297KB
• dtst-20240620.xsd (EX-101.SCH) — 4KB
• dtst-20240620_def.xml (EX-101.DEF) — 26KB
• dtst-20240620_lab.xml (EX-101.LAB) — 36KB
• dtst-20240620_pre.xml (EX-101.PRE) — 25KB
• e5766_8k_htm.xml (XML) — 6KB

02. Departure of

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Amendment to 2021 Stock Incentive Plan On June 20, 2024, Data Storage Corporation (the "Company") held its 2024 Annual Meeting of Stockholders (the "2024 Annual Meeting"). At the 2024 Annual Meeting, the Company's stockholders approved an amendment to the Company's 2021 Stock Incentive Plan, as amended and restated (the "Incentive Plan") to increase the number of shares of the Company's common stock, par value $0.001 per share (the "Common Stock"), that the Company will have authority to grant under the Incentive Plan by an additional 1,000,000 shares of the Common Stock. A description of the Incentive Plan, as amended, is set forth in the Company's definitive proxy statement on Schedule 14A for the 2024 Annual Meeting (the "Proxy Statement"), which was filed with the Securities and Exchange Commission on May 7, 2024, in the section entitled "PROPOSAL NO. 4: TO AMEND THE 2021 STOCK INCENTIVE PLAN TO INCREASE THE NUMBER OF SHARES OF THE COMPANY'S COMMON STOCK AVAILABLE TO GRANT AWARDS UNDER THE 2021 PLAN BY 1,000,000 SHARES TO 2,075,000," which is incorporated herein by reference. The summary of the Incentive Plan included in the Proxy Statement is not intended to be complete and is qualified in its entirety by reference to the full text of the Incentive Plan, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

07. Submission of Matters to a Vote of Security

Item 5.07. Submission of Matters to a Vote of Security Holders. At the 2024 Annual Meeting held on June 20, 2024, the stockholders voted on four proposals, each of which is listed below and described in more detail in the Company's Proxy Statement. With respect to each proposal, holders of the Company's Common Stock were entitled to cast one vote per share of Common Stock held as of the close of business on the record date of April 23, 2024 (the "Record Date"). On the Record Date there were 6,970,943 shares of the Company's Common Stock issued and outstanding and entitled to vote at the 2024 Annual Meeting. The following are the final results of voting on each of the proposals presented at the 2024 Annual Meeting: Proposal 1 — Election of Charles Piluso, Harold Schwartz, Thomas Kempster, John Argen, Lawrence Maglione, Matthew Grover, Todd Correll, Clifford Stein, Nancy Stallone and Uwayne Mitchell to serve on the Company's board of directors. For Withheld Broker Non-Votes Charles M. Piluso 3,352,235 13,040 1,717,891 Harold J. Schwartz 3,352,347 12,928 1,717,891 Thomas C. Kempster 3,352,311 12,964 1,717,891 John Argen 3,130,322 234,953 1,717,891 Lawrence A. Maglione Jr. 3,104,874 260,401 1,717,891 Matthew Grover 3,213,347 151,928 1,717,891 Todd A. Correll 3,213,510 151,765 1,717,891 Clifford Stein 3,352,148 13,127 1,717,891 Nancy Stallone 3,344,672 20,603 1,717,891 Uwayne Mitchell 3,349,577 15,698 1,717,891 Proposal 2 — Ratification of the Selection of the Independent Registered Public Accounting Firm. Votes For Votes Against Abstentions Broker Non-Votes 4,930,465 18,870 133,831 — Proposal 3 — Approval, on a Non-Binding Advisory Basis, Executive Compensation. Votes For Votes Against Abstentions Broker Non-Votes 3,268,744 74,249 22,282 1,717,891 Proposal 4 — Approval of an amendment to the 2021 Stock Incentive Plan to increase the number of shares

01. Financial Statements

Item 9.01. Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 10.1 Amendment No. 1 to the Data Storage Corporation 2021 Stock Incentive Plan, as amended and restated 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: June 24, 2024 DATA STORAGE CORPORATION By: /s/ Charles M. Piluso Name: Charles M. Piluso Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR