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Stem, Inc. (NYSE:STEM) announced that its board of directors approved an amendment to the company’s bylaws on Wednesday. The change reduces the quorum required to conduct business at stockholder meetings from a majority of the company’s outstanding voting shares to one-third of the outstanding voting shares.
According to a statement included in the company’s SEC filing, the adjustment was made in response to previous difficulties in reaching a quorum, which the company attributed to the size and dispersed nature of its shareholder base. The company noted that failing to achieve a quorum at shareholder meetings can lead to adjournments and additional costs, such as meeting host and proxy solicitation expenses, as well as potential disruptions to business operations.
The amendment to the bylaws was approved by the board of directors on Wednesday and is now in effect. Stem, Inc. is incorporated in Delaware and its common stock is listed on the New York Stock Exchange under the symbol STEM.
This information is based on a press release statement contained in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Stem, Inc. reported a strong second-quarter performance, exceeding expectations across all metrics, with notable growth in high-margin software revenue. This development prompted Roth/MKM to raise its price target for Stem from $7.00 to $13.00, maintaining a Neutral rating. Similarly, UBS increased its price target for Stem to $16.00 from $8.60, citing the company’s shift towards a higher-margin services business. In addition to these financial updates, Stem has expanded its operations in Berlin, doubling its workspace to support European renewable projects. This new facility will serve as the company’s European competence center, focusing on hybrid solar-plus-storage integration and other technical challenges. The company has also unified its brand and product offerings under the PowerTrack Suite, which includes the newly launched PowerTrack Energy Management System and PowerTrack Optimizer. This rebranding effort aims to simplify operations by consolidating multiple offerings into one unified solution. These recent developments highlight Stem’s strategic moves in the clean energy sector.
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