Crispr Therapeutics shares tumble after significant earnings miss
Ascent Solar Technologies, Inc. (NASDAQ:ASTI), a manufacturer in the semiconductor and related devices industry with a market capitalization of $2.27 million, has made significant changes to its corporate bylaws, as disclosed in a recent SEC filing. According to InvestingPro analysis, the company currently shows a WEAK financial health score, though its stock appears undervalued based on Fair Value estimates. The amendments, which took effect on March 7, aim to streamline the company’s stockholder meeting process and clarify voting requirements.
The company’s Board of Directors has reduced the quorum necessary for stockholder meetings. Previously, a majority of the shares issued and outstanding needed to be present for business transactions. Now, only one-third of the voting power of outstanding shares is required. This change addresses past difficulties in reaching a quorum due to the dispersed nature of Ascent Solar’s stockholder base and the recent trend of brokerage firms restricting discretionary voting. The lowered quorum is expected to mitigate the risk of meeting adjournments, additional costs, and management distractions - particularly important given the company’s challenging year, with the stock declining 94.8% over the past 12 months.
Additionally, the bylaws have been amended to clarify the voting standard when multiple classes of voting shares are present. The previous language did not clearly represent situations where shares have different voting rights, such as the company’s Series 1C Convertible Preferred Stock, which votes on an as-converted basis to common stock. The new language specifies that the required vote for stockholder approval is a majority of the "voting power of the shares" present or represented by proxy, rather than just "the stock having voting power."
This clarification ensures that all voting shares are accounted for accurately and equitably in stockholder decisions.
The SEC filing indicates that these bylaw amendments are part of Ascent Solar’s efforts to streamline its governance and avoid procedural complications during stockholder meetings. The full text of the amendment is included in the filing as Exhibit 3.1.
Investors and stockholders can reference the filing for a detailed understanding of the changes, which reflect Ascent Solar’s proactive approach to corporate governance and stockholder engagement. With the company’s next earnings report scheduled for March 19, InvestingPro subscribers can access 15+ additional investment tips and comprehensive financial metrics to make more informed investment decisions.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.