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Knightscope , Inc. (NASDAQ:KSCP), which has seen its stock surge over 26% in the past week and is currently trading at $10.09, announced Monday that its Board of Directors adopted amended and restated bylaws, effective July 18, that reduce the quorum required for stockholder meetings. According to InvestingPro, the company maintains a healthy balance sheet with more cash than debt. The company lowered the quorum from a majority of the voting power of all outstanding shares entitled to vote to one-third (33 1/3%) of the voting power.
Previously, Knightscope required the presence of holders representing more than 50% of eligible voting shares to conduct business at stockholder meetings. Under the new bylaws, only one-third of the voting power is now required.
The company stated in the SEC filing that this change is intended to reduce the risk of not achieving a quorum at stockholder meetings, which could otherwise lead to adjournments and additional costs such as virtual meeting hosting and proxy solicitation.
Knightscope’s amended and restated bylaws were filed as Exhibit 3.1 to the Form 8-K submitted to the Securities and Exchange Commission. The company is incorporated in Delaware and its Class A Common Stock trades on the Nasdaq Capital Market under the symbol KSCP.
This information is based on a press release statement included in Knightscope’s SEC filing.
In other recent news, Knightscope, Inc. has filed a prospectus supplement for a potential stock offering of up to $50 million. This filing is part of an existing agreement with H.C. Wainwright & Co., LLC and follows the company’s effective Registration Statement with the SEC. In another development, Knightscope has secured over $1 million in new contracts for its security robots and emergency communication devices, with significant growth reported in higher education, healthcare, and local government sectors. The company has also renewed contracts with clients in the retail, biotech, and hospitality sectors. Additionally, Knightscope announced a two-year agreement with Palantir Technologies (NASDAQ:PLTR) to join its FedStart program, which aims to accelerate its entry into the U.S. federal marketplace. This partnership provides Knightscope with access to Palantir-managed AWS GovCloud clusters, essential for deploying its AI-driven security technologies in federal settings. The collaboration aligns with Palantir’s mission to empower American institutions with secure platforms. Knightscope has also been engaging with federal officials in Washington, D.C., indicating potential future opportunities in the federal sector.
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