Good morning, ladies and gentlemen. I'm Fred Thiel, Chief Executive Officer and Chairman of the Board of Directors of MARA Holdings Inc., and I will be presiding at this meeting. On behalf of the board and the officers of MARA Holdings Inc., I'm pleased to welcome all of you to the special meeting of stockholders. It is 8:30 A.M. Pacific Time, 11:30 A.M. Eastern Time, and in accordance with the bylaws of the company, a call to order the special meeting of stockholders. We appreciate your attending our special meeting. All of our stockholders were mailed copies of our proxy statement containing important information about the business of this meeting. A copy of the proxy statement is also available on the website used to access this meeting.
Before proceeding to the business of the meeting, I would like to introduce you to the members of the company's management team: Salman Khan, Chief Financial Officer; Zabi Nowaid, General Counsel and Corporate Secretary; and Robert Samuels, Vice President of Investor Relations, who are all here with us today. Zabi Nowaid will act as Secretary of the Meeting. Kimberly Shams from Equiniti Trust Company has been appointed as Inspector of Election in accordance with the company's bylaws. A copy of the agenda and rules of conduct, which will govern today's meeting, can be found on the virtual meeting website. I ask that each of you abide by these procedures in order to facilitate an orderly meeting and to accomplish the items on today's agenda. Stockholders may submit questions at any time during this meeting in the messaging field of the web portal.
Questions should pertain to the proposals being considered at the meeting. Zabi will now report on the mailing of the proxy materials, which include the notice and proxy statement of this meeting and the presence of a quorum.
Thank you, Fred. This meeting is held pursuant to a printed notice and proxy statement first mailed on January 21, 2025, to each stockholder of record as of the close of business on January 17, 2025. The record date set by the Board of Directors for those entitled to vote at today's meeting. A list of stockholders entitled to vote at this meeting has been available at the company's executive offices during ordinary business hours for the past 10 days and is available on the website used to access this meeting for examination by any stockholder desiring to do so. All documents concerning the call and notice of this meeting will be filed with the records of the company. There are 339,382,454 shares of common stock and 13 million shares of Series X preferred stock issued and outstanding and entitled to vote at this meeting.
As discussed in the proxy statement on the record date, the Series X preferred stock was held by one holder of record, Doug Mellinger, the independent member, the lead independent member of our board. The voting power attributable to the Series X preferred stock will be disregarded for purposes of determining whether a quorum is present at this meeting. We were informed by the Inspector of Election that there are represented virtually or by proxy 184,785,651 shares of common stock, or approximately 54.5% of all of our common stock entitled to vote at this meeting. I certify that, as required by the company's bylaws, the holders of a sufficient number of common stock are present virtually or by proxy and that a quorum is therefore present.
Thank you, Zabi. Because holders of at least a third of the shares entitled to vote at this meeting are present virtually or by proxy, I hereby declare that a quorum is present at this meeting in accordance with the company's bylaws and declare this meeting to be duly convened for purposes of transacting such business as may properly come before it. On behalf of the Board of Directors of the company, I would like to express my appreciation to all stockholders who are attending this meeting and those who were unable to attend but returned their proxies. The polls for voting on all matters are now open. All Mara stockholders entitled to vote at this meeting have the ability to do so online.
If you are a stockholder entitled to vote and have not yet voted, or if you want to change your previously cast vote, please do so via the website used to access this meeting. Please remember that if you have already voted by proxy, it is not necessary to vote again. After voting has been completed on all matters on the agenda, we will close the polls and provide the preliminary report. The proposals to be voted on at this meeting are described in our proxy statement that was made available to all stockholders entitled to vote at this meeting. I will now review the proposals.
The first matter being submitted to stockholders for action is the proposal to approve an amendment to our restated articles of incorporation to increase the number of shares of common stock authorized for issuance from 500 million shares to 800 million shares, referred to as Proposal Number One. As further discussed in the proxy statement, the board believes it is in the best interest of the company to increase the number of authorized shares of common stock in order to give the company greater flexibility in considering and planning for future corporate needs. As a result, the board unanimously recommends that you vote for Proposal Number One. In order for this proposal to pass, the proposal must receive an affirmative vote of a majority of the voting power of our outstanding shares of capital stock on the record date.
As discussed in the proxy statement, the votes of the Series X preferred stock will be cast automatically in the same mirrored proportion as the aggregate votes cast for and against Proposal Number One by the holders of common stock who vote on such proposal, but excluding any abstentions, broker non-votes, and shares of common stock that are not voted for and against by proposal for any reason. I will now move on to the second proposal. The second matter being submitted to stockholders for action is the proposal to approve one or more adjournments of the special meeting to a later date or dates, if necessary or appropriate to solicit additional proxies.
If we conclude that there are insufficient votes to approve Proposal Number One at the time of the special meeting or any adjournment thereof, referred to as Proposal Number Two, the board unanimously recommends that you vote for Proposal Number Two. In order for this proposal to pass, the proposal must receive the affirmative vote of a majority of the votes cast by holders of our common stock. The Series X preferred stock is not entitled to vote on this proposal. Since everyone has had the opportunity to vote, the polls are now closed. I ask that the Inspector of Election tally the votes of the stockholders present at this meeting together with the votes of stockholders by proxy and then report the number of votes received for and against the business matters presented this morning. The Inspector of Election has certified that the tally is complete.
Before I ask for questions, I want to ask Zabi to report the preliminary results of balloting.
Thank you, Fred. Based on the preliminary report of the Inspector of Election, the holders of a majority of our capital stock have voted in favor of Proposal Number One. As a result, I declare that Proposal Number One has been approved. Since Proposal Number One was approved, the vote to approve Proposal Number Two will not be called. We will file the final report of the Inspector of Election with the records of this meeting. We expect to report final results of the voting on a Form 8-K to be filed with the SEC within four business days of this meeting.
Thank you, Zabi. If anyone wishes to comment or ask a question, please do so through the messaging field on the web portal. Questions and comments should be relevant to matters of concern to the stockholders generally. The company will review any submitted questions after the meeting and address them directly at our earliest opportunity. There being no other business, our meeting is concluded. I would again like to express my sincere appreciation to the stockholders who attended the meeting, as well as those who submitted their proxies but were not able to be present. Thank you for your continued support of MARA. This meeting is now adjourned.