Analyst Summary
- Stockholders approved an amendment to the 2022 Equity Incentive Plan, increasing the maximum aggregate number of shares available for grant by 20,000,000 shares.
- Stockholders approved a ten percent automatic annual increase in the total number of shares of Common Stock available for issuance under the 2022 Plan.
- Stockholders approved amendments to the Performance Stock Award Agreements with the CEO, extending the deadlines for achieving certain milestones related to capital raising, vehicle completion, revenue generation, battery development, and JV-Acquisition.
- Stockholders elected David Michery, Ignacio Novoa, and Mary Winter as Class I Directors to serve for a three-year term ending as of the annual meeting in 2028.
- Stockholders approved proposals related to the issuance of shares of Common Stock pursuant to senior secured convertible notes and related warrants, exceeding certain share caps.
- Stockholders approved an amendment to increase the number of shares of Common Stock authorized for issuance under the 2022 Plan by 20,000,000 shares.
- Stockholders approved a second amendment to the 2022 Plan for the adoption of an automatic annual increase in the shares of Common Stock available for issuance under the 2022 Plan.
- Stockholders approved the amendment of the Company’s Second Amended and Restated Certificate of Incorporation, as amended, to effect a reverse stock split of the Company’s outstanding Common Stock at an exchange ratio between 1-for-2 to 1-for-100, as determined by the Company’s Board of Directors.
- Stockholders ratified the appointment of RBSM LLP as the independent registered public accounting firm of the Company for the fiscal year ending September 30, 2025.
- Stockholders did not approve an amendment to the Company’s Second Amended and Restated Certificate of Incorporation to increase the authorized number of shares of preferred stock to 1,000,000,000.