TSR sets annual meeting after getting delisting notice from Nasdaq 

TSR Inc., which received a delisting notice from the Nasdaq Stock Market in June, has scheduled its annual meeting for Sept. 13 in an effort to regain compliance.

TSR made the disclosure in a government filing after Friday's stock market close. Shares of TSR rose 0.5 percent to close at $4.46 on Monday.  

Management at the Hauppauge technology staffing and consulting company has been facing protests from major shareholders.

One shareholder, Zeff Capital LP, mounted a proxy challenge to replace two incumbent board members and roll back an anti-takeover measure, popularly known as a "poison pill," announced by the company in August. 

Delaying the annual meeting forestalls the shareholder vote on those two issues. TSR is required under Nasdaq rules to hold an annual meeting within 12 months of the end of its fiscal year on May 31, 2018. 

A Monday morning phone call to Daniel Zeff, principal at Zeff Capital, was not immediately returned.

Christopher Hughes, TSR's chairman and chief executive, said he could not comment beyond the contents of the Securities and Exchange Commission filing.

TSR rejected a bid in November by another major shareholder, QAR Industries Inc. of Mineral Wells, Texas, to acquire the company for $6.25 per share.

In December, TSR filed a federal lawsuit against Zeff, QAR and a third shareholder, charging that they failed to disclose the formation of a group that planned to seize control of the company. 

Altogether, the three shareholders control more than 48 percent of TSR shares, according to Bloomberg's compilation of government filings.

After receiving the delisting notice in June, TSR said it had postponed the annual meeting to consider "strategic alternatives" and "to provide the company with additional time to review and respond  to certain stockholder proposals."

On July 17 the company submitted the Sept. 13 date for the annual meeting, and Nasdaq officials will consider whether to accept the plan to regain compliance based on reasons for the delayed meeting, past compliance and other factors.

TSR is Long Island's 33rd largest public company based on 2018 revenue of $65 million.

By Ken Schachter

kenneth.schachter@newsday.comkschach

Ken Schachter covers corporate news, including technology and aerospace, and other business topics for Newsday. He has also worked at The Miami Herald and The Jerusalem Post.