Bullish indicating open at $55-$60, IPO prices at $37
Shareholders of China Automotive Systems, Inc. (NASDAQ:CAAS) held their annual meeting Wednesday in Jingzhou City, Hubei Province, according to a press release statement based on the company’s SEC filing.
A total of 24,936,071 shares, representing 82.64% of the company’s outstanding common stock, were present in person or by proxy, establishing a quorum for the meeting.
Five directors were elected to serve until the 2026 annual meeting. The elected directors and the number of votes cast in favor were: Hanlin Chen (22,411,245), Qizhou Wu (22,524,060), Guangxun Xu (22,244,512), Robert Wei Cheng Tung (22,364,767), and Tao Liu (22,528,053). Each nominee received more than a majority of votes cast.
Shareholders also approved an advisory (non-binding) proposal concerning the company’s named executive officer compensation program, with 22,288,873 votes in favor, 121,115 against, and 182,340 abstentions. There were 2,343,743 broker non-votes.
Another advisory (non-binding) proposal regarding the frequency of holding future advisory votes on executive compensation was approved in favor of every two years, with 21,609,776 votes for, 980,351 against, and 2,201 abstentions. There were 2,343,743 broker non-votes.
An amendment to the company’s 2004 Stock Option Plan to extend its term for another ten years, through June 27, 2035, was ratified with 21,740,038 votes for, 829,178 against, and 23,112 abstentions. There were 2,343,743 broker non-votes.
Finally, shareholders ratified the appointment of PricewaterhouseCoopers Zhong Tian LLP as the company’s independent auditor for the fiscal year ending December 31, 2025. The vote was 24,688,756 in favor, 181,198 against, and 66,117 abstentions.
All information in this article is based on a press release statement and the company’s recent SEC filing.
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