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Richtech Robotics Inc. (NASDAQ:RR) announced that it has increased the number of authorized shares of its Class B Common Stock from 200 million to 1 billion, effective upon filing with the Nevada Secretary of State. The change was approved by the company’s board of directors and shareholders holding approximately 68.5% of the company’s voting power, according to a statement released in a Securities and Exchange Commission filing.
On November 10, the company also adopted the Second Amended and Restated Richtech Robotics Inc. 2023 Stock Option Plan. Under the amended plan, the number of shares of Class B Common Stock reserved for grants and issuance will automatically increase each year on November 1 through November 1, 2034. The annual increase will be the lesser of 18% of the total outstanding Class B Common Stock as of the prior September 30 or a smaller number determined by the board.
Both the amendment to the Articles of Incorporation and the revised stock option plan were approved by the board and the same group of shareholders representing about 68.5% of voting power.
Richtech Robotics is headquartered in Las Vegas, Nevada. The company’s Class B Common Stock trades on the Nasdaq Stock Market under the symbol RR. The information in this article is based on a press release statement included in a recent SEC filing.
In other recent news, Richtech Robotics Inc. unveiled Dex, a mobile humanoid robot designed for industrial applications. The robot, powered by NVIDIA’s Jetson Thor platform, is capable of operating in dynamic environments and performing complex tasks. H.C. Wainwright raised its price target for Richtech Robotics to $6.00, maintaining a Buy rating, following discussions with the company’s management. This update comes amid growing interest in service robots and ongoing discussions with potential customers. Meanwhile, Richtech Robotics completed a pilot program with a major automotive dealership, which plans to proceed with additional work under a Master Services Agreement. The company also signed a two-year Master Services Agreement with a leading global retailer, providing opportunities for future projects. However, Freedom Broker downgraded the stock to Sell due to valuation concerns, despite maintaining a price target of $2.50.
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