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FREMONT, CA—Amprius Technologies, Inc. (NYSE:AMPX), a company specializing in miscellaneous electrical machinery, equipment, and supplies, announced a change in its board of directors. On Monday, Mary Gustanski resigned from her position on the board and from all committees and advisory councils, effective immediately.
The following day, Tuesday, the board elected Livingston "Tony" Satterthwaite as a Class II director to fill the vacancy left by Gustanski. Satterthwaite's term as a Class II director is set to expire at the company's 2027 annual meeting of stockholders.
He has been a member of Amprius's Advisory Council since September 2023 and has now also been appointed to the board's Compensation Committee. The company confirmed Satterthwaite's independence, meeting the New York Stock Exchange's applicable requirements.
There have been no material transactions involving Satterthwaite or his immediate family that would require disclosure under SEC regulations. His selection was made without any arrangement or understanding with other persons. Satterthwaite will receive compensation as per the company's policy for its outside directors, detailed in the proxy statement filed with the SEC on April 25, 2024. He has also entered into the company’s standard indemnification agreement, which provides for indemnification against certain expenses related to his service.
In other recent news, Amprius Technologies reported a significant increase in its second-quarter revenue, indicating strong market demand for its products. The company announced a 105% year-over-year revenue jump to $3.3 million.
However, it also reported a net loss of $12.5 million and a negative gross margin, largely due to preconstruction costs for a new Colorado facility and increased operating expenses.
Oppenheimer, a financial services firm, recently adjusted its price target for Amprius, reducing it from $15.00 to $14.00, while maintaining an Outperform rating on the company's stock. This adjustment reflects Amprius's strategic shift as it continues to build a solid customer base. The firm's analysis suggests that Amprius can meet revenue forecasts effectively through a contract manufacturing strategy.
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