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Flux Power Holdings, Inc. (NASDAQ:FLUX) announced Tuesday that its stockholders approved all proposals presented at a Special Meeting held August 29, according to a statement based on the company’s recent SEC filing.
As of the July 14 record date, 16,835,698 shares of common stock were outstanding and entitled to vote. At the meeting, 10,415,086 shares, representing about 62% of eligible shares, were present in person or by proxy, constituting a quorum. For investors seeking deeper insights, InvestingPro offers comprehensive analysis through its Pro Research Report, one of 1,400+ detailed company analyses available to subscribers.
Shareholders approved the following proposals:
1. Amendment and Restatement of Articles of Incorporation: Stockholders voted to approve an amendment and restatement of the company’s articles of incorporation. The changes include increasing the number of authorized preferred shares from 500,000 to 3,000,000, granting the Board authority to set rights and preferences for preferred shares, and designating 1,000,000 shares as Series A Convertible Preferred Stock. The proposal passed with 9,077,960 votes in favor and 1,337,126 against.
2. Reservation and Issuance of Common Stock: Shareholders approved the reservation and issuance of shares of common stock related to the conversion of Series A Preferred Stock and the exercise of certain warrants in connection with a private placement, as described in the Securities Purchase Agreement dated July 18. This approval covers issuances that could exceed 20% of the outstanding common stock prior to the private placement, as required by Nasdaq Listing Rule 5635(d). The proposal received 9,523,300 votes for and 891,786 against.
3. Adjournment of the Special Meeting: Stockholders approved the proposal to allow adjournment of the meeting to a later date if necessary to solicit additional proxies in connection with the first two proposals. The vote was 9,211,953 in favor, 1,203,087 against, and 46 abstentions.
All proposals received sufficient support to pass. The results were certified by the company’s Inspector of Elections.
This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Flux Power Holdings announced it has received a determination letter from the Nasdaq Listing Qualifications Department, indicating the company has not met the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. As of March 31, 2025, Flux Power reported stockholders’ equity of negative $4.37 million, falling short of the required $2.5 million. The company had previously submitted a compliance plan and was granted an extension through July 30, 2025, to address this issue. In financial maneuvers, Flux Power amended key debt agreements, extending the maturity date of a promissory note with Cleveland Capital to September 30, 2025. Additionally, the company announced a $2.9 million private placement of prefunded warrants, allowing for potential expansion up to $5 million. This agreement involves the sale of prefunded warrants and common stock warrants. Furthermore, Flux Power secured a significant order valued at over $2 million from a major U.S. airline for 120 units of its redesigned G80-420 lithium-ion battery packs, to be delivered throughout 2025. This order underscores the growing adoption of the company’s technology in airport ground support operations.
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