Street Calls of the Week
In a recent SEC filing, Lumen Technologies, Inc. (NYSE:LUMN) disclosed the results of its Annual Meeting held on May 13, 2025. At the meeting, shareholders voted on several key matters, including the election of directors, appointment of independent auditors, and proposed amendments to the company’s Articles of Incorporation.
The shareholders elected all nominated board members with Quincy L. Allen receiving 646,647,924 votes in favor, among others. KPMG LLP was ratified as the independent auditor for 2025 with an overwhelming majority of 791,825,482 votes for the appointment.
A significant proposal approved was the reverse stock split, allowing the company to consolidate shares at a ratio between 1-for-2 and 1-for-15, along with a proportionate reduction in authorized common stock. This measure received 770,355,932 votes in favor.
Additionally, technical amendments to the Articles of Incorporation were passed, including an update to references to Louisiana’s corporate statute, clarification on the election of directors, and a reduction in the ownership threshold necessary for shareholders to call a special meeting from a majority to 25%.
An advisory vote approved executive compensation, and a shareholder proposal to adopt simple majority voting on matters submitted to shareholders for a vote was also passed.
The approval of the reverse stock split grants Lumen Technologies the authority to execute the split any time before May 13, 2026. The company will consider the timing and execution of the Reverse Stock Split based on the best interest of the company and its shareholders.
This report is based on the company’s SEC filing and contains forward-looking statements subject to various uncertainties. The company may change its intentions or plans discussed without notice at any time and for any reason. For deeper insights into Lumen Technologies’ financial health, valuation metrics, and 12 additional exclusive ProTips, visit InvestingPro, where you’ll find comprehensive analysis and the detailed Pro Research Report available for over 1,400 US stocks.
In other recent news, Lumen Technologies reported better-than-expected earnings for the first quarter of 2025, with an earnings per share (EPS) of -$0.13, surpassing the forecast of -$0.26. The company’s revenue of $3.18 billion also exceeded expectations of $3.12 billion. Analysts at Citi noted Lumen’s financial outcomes surpassed expectations, particularly with a notable 10% year-over-year increase in strategic growth product revenues. Despite lowering their price target to $6.00, Citi maintained a Buy rating on Lumen’s stock. Additionally, Raymond (NSE:RYMD) James upgraded Lumen’s stock rating to Outperform, citing the anticipated sale of the company’s Fiber-to-the-Home assets as a potential financial leverage improvement. In corporate developments, Lumen announced Mark Hacker as its new Executive Vice President and Chief Legal Officer, bringing over two decades of legal expertise to the company. Furthermore, Lumen added Michelle J. Goldberg and Steve McMillan to its Board of Directors, aiming to enhance its strategic growth and transformation efforts. These appointments reflect Lumen’s ongoing commitment to advancing its position in the digital networking landscape.
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