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Phoenix Motor Inc. (NASDAQ:PEV), a manufacturer specializing in truck and bus bodies, held its 2024 Annual Meeting of Stockholders on Monday, where a series of proposals were voted upon by its shareholders. The meeting saw the election of directors, ratification of auditors, approval of executive compensation, amendment of the equity incentive plan, and authorization of a reverse stock split.
The company’s five director nominees were elected to serve one-year terms. The elected directors include Xiaofeng Denton Peng, HoongKhoeng Cheong, Julia Yu, Yongmei (May) Huang, and James Young, with Peng receiving 23,227,909 votes for and 91,293 withheld, the highest among the nominees.
Shareholders ratified the appointment of Yu Certified Public Accountant PC as the independent registered public accounting firm for the fiscal year ended December 31, 2024. The advisory say-on-pay resolution, which approves the compensation of the company’s named executive officers, was also passed.
An amendment to Phoenix Motor’s 2021 Omnibus Incentive Plan was approved, increasing the total number of shares authorized for issuance under the Plan to equal 20% of the company’s outstanding shares on a fully diluted basis.
Furthermore, the stockholders authorized the Board of Directors to approve a reverse stock split of the Common Stock with a ratio between 1-for-1.5 and 1-for-5 shares at the Board’s discretion. This move is primarily aimed at maintaining the company’s listing on Nasdaq. Additionally, an amendment to the company’s certificate of incorporation to reflect the reverse stock split was approved.
These decisions are based on the company’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on March 11, 2025, and the revised proxy statement filed on April 1, 2025. This report is based on a press release statement.
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