SAN JOSE, CA - QuantumScape Corporation (NYSE:QS), a leader in the development of solid-state lithium-metal batteries for electric vehicles, announced the results of its Annual Meeting held on Monday. The meeting saw the approval of all proposed items, including the election of directors and the ratification of the company's independent auditor.
Shareholders of QuantumScape, which is incorporated in Delaware, convened on June 11, 2024, with a quorum of 84.2% of the voting power. They voted on several key proposals, all of which passed with a majority of votes.
The first proposal was the election of twelve directors to the board, who will serve until the next Annual Meeting in 2025. Notable among them are Jagdeep Singh, the company’s CEO, and JB Straubel, a well-known figure in the electric vehicle industry. All director nominees were elected with significant majorities.
The second proposal, which passed with over 831 million votes for and around 3.3 million against, was the ratification of Ernst & Young LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024.
In a non-binding advisory vote, the third proposal concerning the compensation of the company's named executive officers also received approval, with over 714 million votes in favor.
Lastly, the fourth proposal approved was an amendment to QuantumScape's Amended and Restated Certificate of Incorporation. This amendment allows for the exculpation of certain officers, providing them with protection against certain types of legal claims. The proposal passed with over 725 million votes for it.
QuantumScape's stock, traded under the ticker QS on the New York Stock Exchange, may react to these corporate governance decisions. The meeting's outcomes are considered routine for a publicly traded company and reflect standard annual voting procedures.
In other recent news, QuantumScape Corporation has made significant strides in both board membership and product development. The company recently welcomed Sebastian Schebera, a seasoned executive from Volkswagen AG (OTC:VWAGY), to its board of directors. Schebera, who brings over two decades of experience in the automotive sector, is expected to fortify QuantumScape’s strategic growth plans with his extensive expertise.
Additionally, QuantumScape announced during its first-quarter 2024 earnings call that it has begun shipping its six-layer Alpha-2 prototype battery cells to automotive customers. This marks a significant step towards the company's commercial goals. The company highlighted the prototype's enhanced performance features and its strategic plans for production scaling and commercialization.
Financially, QuantumScape reported a strong liquidity position, with a cash runway extending into the second half of 2026. The company's Raptor and Cobra processes are set to support the upcoming QSE-5 product targeted for electric vehicle applications. Despite a reported net loss of $120.6 million for Q1, QuantumScape's strong balance sheet and liquidity position support ongoing development and commercialization efforts. These are among the recent developments at QuantumScape.
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