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Primech Holdings Ltd (NASDAQ:PMEC) announced Monday that shareholders approved three key resolutions at the company’s Extraordinary General Meeting held Thursday in Singapore, according to a statement based on a recent SEC filing.
Shareholders first approved the adoption of the Primech 2025 Employee Incentive Plan, with 33,801,693 votes in favor, 33,447 against, and 2,800 abstentions.
The second resolution authorized a share consolidation, allowing every six issued ordinary shares to be consolidated into one ordinary share at a future date to be determined by the company’s directors. The measure received 33,822,210 votes for, 12,930 against, and 2,800 abstentions.
The third resolution granted the board authority to repurchase or acquire up to a specified maximum number of the company’s ordinary shares on the Nasdaq Capital Market, in accordance with Section 76E of the Singapore Companies Act 1967 and Nasdaq listing rules. The share buyback mandate was approved with 33,829,525 votes in favor, 5,615 against, and 2,800 abstentions.
As of the May 2 record date, Primech Holdings had 38,417,987 ordinary shares outstanding and entitled to vote at the meeting.
All resolutions were approved by a majority of shareholders present and voting. The company has not yet announced the effective date of the share consolidation, which the directors will determine within 12 months of the resolution.
This information is based on a press release statement and details from the company’s recent SEC filing.
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