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HOUSTON — IES Holdings, Inc. (NASDAQ:IESC), a company specializing in electrical work with a market capitalization of $3.92 billion and impressive revenue growth of 23% over the past year, announced the results of its Annual Stockholders Meeting held on February 20, 2025. The meeting led to the approval of all proposed items, including the election of directors, ratification of the company’s accountants, executive compensation, and an equity incentive plan.
During the meeting, shareholders elected six nominees to the company’s board of directors to serve until the 2026 Annual Stockholders Meeting. The elected directors include Jennifer A. Baldock, Todd M. Cleveland, John L. Fouts, David B. Gendell, Jeffrey L. Gendell, and Joe D. Koshkin, with votes for each director ranging from 15,311,342 to 17,567,164.
Additionally, the appointment of Ernst & Young LLP as IES Holdings’ certified public accountants for the fiscal year ending September 30, 2025, was ratified with 18,729,673 votes in favor.
Shareholders also approved, by advisory vote, the compensation of the company’s named executive officers, with 16,602,420 votes for the proposal. Furthermore, the company’s Amended and Restated 2006 Equity Incentive Plan received approval with 17,522,830 votes in favor.
These results reflect the shareholders’ support for the current direction and governance of IES Holdings. The company continues its operations under the leadership of the newly elected board members and with the backing of its shareholders for its fiscal strategies and executive compensation practices.
The information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, IES Holdings has made significant changes to its financial structure by amending its Credit and Security Agreement. The company announced the doubling of its revolving credit facility to $300 million, an increase from the previous $150 million. This credit facility’s maturity date has been extended to January 21, 2030, providing enhanced financial flexibility. The amendment also transitions IES Holdings to a cash flow-based lending structure, which is expected to improve its borrowing capacity. Wells Fargo (NYSE:WFC) Bank is serving as the Administrative Agent, with Wells Fargo Securities and Fifth Third Bank playing key roles in arranging the facility. This financial maneuver aims to support IES Holdings’ strategic priorities, including organic growth, acquisitions, and share repurchases. The company has emphasized that the updated credit facility will bolster its capital allocation strategy, enhancing liquidity and flexibility. These developments reflect IES Holdings’ current financial strategy and outlook, as stated in their recent press release.
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