WICHITA, KS—AgEagle Aerial Systems Inc. (NYSE American:UAVS), a company specializing in aircraft manufacturing, held its 2024 Annual Meeting of Shareholders on June 27, where several key proposals were put to vote. The results, filed with the SEC on Tuesday, revealed mixed outcomes from the voting process.
Shareholders elected all five director nominees to the board. The elected directors are William Irby, Grant Begley, Thomas Gardner, Kelly J. Anderson, and Malcolm Frost. The votes for each director nominee ranged from 1,846,681 to 1,879,597 in favor, with withheld votes ranging from 251,787 to 284,703, and broker non-votes uniformly at 2,083,345 for each nominee.
The advisory vote on the compensation of the company’s named executive officers, commonly referred to as "Say-on-Pay," passed with 1,687,623 votes in favor, 339,782 against, and 52,724 abstentions, alongside 2,083,345 broker non-votes.
Additionally, shareholders ratified the appointment of WithumSmith+Brown, PC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The ratification received a strong approval with 3,847,087 votes for, 263,690 against, and 52,697 abstentions.
However, not all proposals garnered shareholder approval. The proposal for the issuance of shares of the company’s common stock, representing more than 20% of the company’s common stock outstanding upon conversion of the convertible note in accordance with NYSE American Rule 713(a)(ii), was not approved. The votes against this proposal totaled 393,441, with 567,286 for, 1,119,402 abstentions, and 2,083,345 broker non-votes.
The voting outcomes are likely to have an impact on AgEagle's governance and financial strategy moving forward. The company, headquartered at 8201 E. 34th Cir N, Wichita, Kansas, has a history of name changes, previously known as EnerJex Resources, Inc., Millennium Plastics Corp, and Aurora Corp.
In other recent news, AgEagle Aerial Systems has made significant strides in demonstrating its eBee VISION Unmanned Aerial Systems (UAS) to an array of global entities. The company recently conducted a series of showcase events targeting government and military entities, demonstrating the drone's capabilities in monitoring, mapping, and surveillance. Collaborations with partners such as Drone Works in Florida and Tough Stump Technologies in North Carolina underlined the drone's potential in monitoring remote power line areas and enhancing military operational capacity.
The demonstrations extended to Europe and Brazil, engaging military forces from several countries. The eBee VISION UAS was exhibited in various settings, showcasing its day and night mapping capabilities, including RGB and thermal imaging. In Guatemala, the drone was used in traffic monitoring and surveillance of high-risk areas, providing real-time video transmission to authorities.
These developments come under the leadership of Bill Irby, who became CEO of AgEagle on April 15, 2024. Irby expressed gratitude for the opportunity to present the eBee VISION UAS and emphasized the company's commitment to growth and shareholder value. These events are part of AgEagle's strategy to build new customer relationships and differentiate itself in the defense and security market.
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