NEW YORK, May 27, 2016 /PRNewswire/ -- VIEX Opportunities Fund, LP – Series One ("VIEX"), the largest stockholder of YuMe, Inc. (NYSE: YUME) ("YuMe" or the "Company"), owning approximately 15.8% of the outstanding common stock of the Company, announced today that, based on the preliminary vote count provided by its proxy solicitor following YuMe's 2016 Annual Meeting of Stockholders, stockholders have overwhelmingly elected VIEX nominees, Eric Singer and Elias Nader. Based on preliminary results tabulated by its proxy solicitor, approximately 80% of the total votes cast at the Annual Meeting were affirmatively voted "FOR" the election of both VIEX nominees.
Commenting on the preliminary results, Eric Singer of VIEX issued the following statement:
"We are pleased and appreciate the tremendous support we received from fellow YuMe stockholders in this election. We remain disappointed that the YuMe board needlessly wasted significant stockholder resources fighting what we believe was the clear will of its stockholders. The convincing election of both of our nominees represents an undeniable directive that misguided capital allocation, misaligned compensation and poor corporate governance will no longer be tolerated by YuMe stockholders. This proxy contest should never have occurred."
"We are hopeful the YuMe Board will now embrace what we believe is the obvious mandate its stockholders have strongly delivered. We remain steadfast in our willingness to work constructively with the YuMe Board if they have heard the clear message from YuMe's stockholders and will stand firm in our commitment to relentlessly pursue stockholder interests. If they don't, we will continue to hold them accountable."
The preliminary voting results also indicated that stockholders overwhelmingly approved the non-binding board declassification proposal that VIEX submitted for a vote at the YuMe Annual Meeting. The VIEX nominees intend to push the YuMe Board to take every action necessary to declassify the Board so that directors up for election at next year's annual meeting of stockholders will be elected for one year terms.
Final results of the Annual Meeting will be published by the Company once they are certified by the Company's inspector of elections.
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SOURCE VIEX Opportunities Fund, LP