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In a move to update its corporate governance structures and align with recent changes in Delaware law, Applied Energetics, Inc. has announced the adoption of its First Amended and Restated By-laws, effective immediately as of July 17, 2024. The announcement, based on a press release statement, was made public today.
The new Amended By-laws introduce modifications across several areas of the company's operations. Key changes include the procedures for conducting stockholder meetings, which now allow for remote participation, reflecting the ongoing shift towards digital communication. Additionally, updates have been made to the titles and functions of officers to better represent the company's current management structure.
One significant alteration that requires the attention of shareholders is the proposed reclassification of the board, which will not take effect until it gains stockholder approval. This step is indicative of the company's efforts to ensure its governance practices are in line with shareholder interests and contemporary standards.
The revisions also address the indemnification provisions, ensuring they are consistent with the latest legal requirements in Delaware, the state of the company's incorporation. Moreover, minor changes, such as updating the company's address of record in Delaware, have been made for administrative accuracy.
Applied Energetics, which operates in the defense and aerospace sector, specializes in the development of advanced technologies for military and commercial applications. The company's focus on updating its by-laws demonstrates its commitment to maintaining robust governance practices in a rapidly evolving business and regulatory environment.
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