Lucid files for 1-for-10 reverse stock split requiring shareholder approval
Superior Industries International , Inc. (NYSE:SUP), a manufacturer of motor vehicle parts trading near $0.51 per share, announced on Monday that its stockholders approved an amendment to the company’s 2018 Equity Incentive Plan. The company, which has seen its stock decline over 85% in the past year according to InvestingPro data, maintains a healthy liquidity position with a current ratio of 1.49. The amendment, voted on at the annual meeting on May 21, 2025, increases the number of shares authorized for issuance under the plan by 1.7 million.
The 2018 Equity Plan, as amended, is detailed in the company’s definitive proxy statement filed on April 3, 2025. This document, filed with the Securities and Exchange Commission, outlines the material terms of the plan. The full text of the 2018 Equity Plan, as amended, is incorporated by reference from the proxy statement’s Appendix B. Despite challenging market conditions, InvestingPro analysis shows management has been actively buying back shares, though the company faces profitability challenges with a gross profit margin of just 8.29%.
During the annual meeting, stockholders also participated in the election of directors, an advisory vote on executive compensation, and the ratification of the company’s independent registered public accounting firm. All director nominees were elected, the executive compensation was approved, and the accounting firm was ratified. Get access to 13 additional key insights about Superior Industries and comprehensive analysis of 1,400+ stocks with an InvestingPro subscription.
The voting results for the amendment to the 2018 Equity Plan were 17,314,368 for, 2,013,757 against, and 22,947 abstentions, with 8,885,164 broker non-votes. For the advisory vote on executive compensation, the votes were 17,535,947 for, 1,741,570 against, and 73,555 abstentions, also with 8,885,164 broker non-votes. The ratification of the accounting firm saw 27,851,058 votes for, 312,183 against, and 72,995 abstentions.
This news is based on a press release statement.
In other recent news, Superior Industries International, Inc. reported a significant miss in its first-quarter 2025 earnings, with earnings per share (EPS) at -$0.92, falling short of the forecasted -$0.37. The company’s revenue was slightly below expectations at $322 million, compared to the anticipated $322.74 million. Additionally, Superior Industries has suspended its full-year 2025 guidance due to ongoing uncertainties. Moody’s Ratings downgraded the company’s credit rating to Caa3, citing a high likelihood of a distressed exchange and liquidity concerns. Similarly, S&P Global Ratings downgraded Superior Industries from ’B-’ to ’CC’ amid potential debt restructuring due to significant volume losses from key North American customers. The company is in advanced discussions with lenders to exchange debt for common stock, viewed as a distressed exchange by S&P Global Ratings. Superior Industries is also seeking up to $70 million in additional term loan funds to address short-term liquidity needs and is exploring a debt-for-equity recapitalization. The outlook from both Moody’s and S&P remains negative, reflecting the serious financial challenges the company faces.
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