FREMONT, CA – Shareholders of Identiv (NASDAQ:INVE), Inc., a company specializing in computer peripheral equipment, have approved the sale of its key operations to Hawk Acquisition, Inc. during the Annual Meeting held on Thursday. The transaction involves the disposal of Identiv's physical security, access card, and identity reader segments to Hawk Acquisition, a subsidiary of the French security provider Vitaprotech SAS, for $145 million in cash and the transfer of related liabilities.
The decisive vote, which included the Series B Preferred Stock on an as-converted basis, tallied 20,957,319 for, 811,195 against, and 10,010 abstentions. Additionally, the non-binding advisory vote on executive compensation related to the sale passed with 11,965,471 for, 3,071,114 against, and 13,205 abstentions.
Election results for the Class III director nominees saw Gary Kremen and Richard E. Kuntz, M.D. securing their positions until the 2027 annual meeting with 5,196,514 and 13,097,946 votes in their favor respectively. Furthermore, the company's 2011 Incentive Compensation Plan was amended, increasing the number of shares available for issuance by 1,500,000 and extending the plan through 2034. This amendment received 8,704,232 votes for, 5,096,441 against, and 1,249,117 abstentions.
In matters of executive compensation, shareholders approved the current structure with 13,337,293 for, 1,671,791 against, and 40,706 abstentions. Additionally, they favored an annual frequency for future advisory votes on executive pay, with the next such vote mandated to occur within six years.
BPM LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024, garnering 19,349,780 votes for, 14,887 against, and 43,228 abstentions. The proposal to adjourn the Annual Meeting for additional proxy solicitation was approved with 14,109,880 votes for, but the adjournment was deemed unnecessary as the asset sale received sufficient approval.
InvestingPro Insights
As Identiv, Inc. navigates through its significant operational changes with the sale of key segments to Hawk Acquisition, investors are closely monitoring the company's financial health and market performance. According to InvestingPro Data, Identiv currently holds a market capitalization of $97.04 million, indicating its size within the industry. Despite the challenges, the company's liquid assets still manage to exceed its short-term obligations, suggesting a level of financial flexibility during this transitional phase.
InvestingPro Tips highlight that Identiv is trading near its 52-week low, which may attract investors looking for potential value stocks. However, it's important to note that analysts are expecting a sales decline and do not anticipate the company to be profitable this year. With the company not paying dividends and experiencing significant price drops over the last year, it's crucial for potential investors to consider these factors. For those looking for deeper insights and additional tips, there are 10 more InvestingPro Tips available, which can be accessed with the promocode PRONEWS24 for up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.