American Superconductor shareholders elect board and approve auditor at annual meeting

American Superconductor Corporation (NASDAQ:AMSC), a $1.9 billion market cap company that has delivered an impressive 78% return year-to-date, reported the results of its annual meeting of stockholders held on Friday. According to a press release statement based on the company’s SEC filing, shareholders elected all nominated directors to the board and approved the auditor for the current fiscal year. Based on InvestingPro analysis, the company maintains strong financial health with an overall score of "GREAT."

A total of 31,425,486 shares, representing approximately 77.8% of outstanding common stock as of the May 29 record date, were present electronically or by proxy.

The following directors were elected to the board:

• Laura A. Dambier received 22,680,088 votes for and 141,160 votes withheld.
• Terence R. Donnelly received 22,695,123 votes for and 126,125 votes withheld.
• Arthur H. House received 21,182,439 votes for and 1,638,809 votes withheld.
• Margaret D. Klein received 22,622,291 votes for and 198,957 votes withheld.
• Barbara G. Littlefield received 22,657,737 votes for and 163,511 votes withheld.
• Daniel P. McGahn received 22,240,146 votes for and 581,102 votes withheld.
• David R. Oliver, Jr. received 22,072,351 votes for and 748,897 votes withheld.

Each director also received 8,604,238 broker non-votes.

Shareholders also ratified the appointment of RSM US LLP as the company’s independent registered public accounting firm for the current fiscal year. The vote was 31,161,683 shares in favor, 68,299 shares against, and 195,504 shares abstaining, with no broker non-votes.

In an advisory vote, shareholders approved the compensation of the company’s named executive officers, with 20,894,503 shares for, 1,789,738 shares against, and 137,007 shares abstaining. There were 8,604,238 broker non-votes on this matter.

All information is based on the company’s SEC filing and accompanying press release statement.

In other recent news, American Superconductor Corporation reported its fourth-quarter fiscal year 2024 earnings, which exceeded analyst expectations with an earnings per share (EPS) of $0.12, surpassing the forecasted $0.08. However, the company’s revenue did not meet projections, totaling $55.59 million compared to the anticipated $59.17 million. In addition to its earnings report, American Superconductor announced the pricing of an underwritten public offering of 4,125,000 shares of common stock at $28.00 per share. This offering is expected to generate gross proceeds of $115.5 million before accounting for underwriting discounts, commissions, and other estimated expenses. The company intends to use the net proceeds from the offering for working capital, general corporate purposes, and potential strategic acquisitions. These developments come as the company continues to navigate market conditions and strategic opportunities.

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