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In a significant corporate development, Vitesse Energy, Inc., a $720 million market cap energy company with strong profitability and an impressive 8.62% dividend yield, received shareholder approval for a strategic acquisition plan. On March 5, 2025, the company held a special meeting where stockholders voted in favor of issuing shares to acquire Lucero Energy Corp. This move will result in Lucero becoming a wholly-owned subsidiary of Vitesse.
The proposal, detailed in a proxy statement filed with the SEC on January 31, 2025, required a majority vote for the issuance of Vitesse common stock to Lucero shareholders. With over 20 million shares represented, the stock issuance proposal was affirmed with 20,823,833 votes for, 67,988 against, and 93,102 abstentions.
Additionally, an adjournment proposal was also passed, allowing the meeting to be postponed if necessary to secure enough votes for the stock issuance. This proposal received 20,372,281 votes for, 500,631 against, and 112,011 abstentions.
The completion of the Vitesse-Lucero arrangement is still subject to further conditions, including approval from Lucero shareholders. This acquisition is poised to consolidate Vitesse’s position in the energy sector, specifically within the crude petroleum and natural gas market.
Despite the forward-looking nature of this report, Vitesse cautions that the transaction is subject to typical closing conditions and approvals, and there is no guarantee that it will be finalized as anticipated. This news is based on a press release statement and reflects the latest developments as of March 5, 2025. According to InvestingPro analysis, Vitesse maintains a GOOD overall financial health score, with analysts maintaining a Strong Buy consensus on the stock. For detailed insights and additional ProTips on Vitesse’s financial outlook, investors can access the comprehensive Pro Research Report available on InvestingPro.
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