FREMONT, CA-based Actelis Networks Inc. (NASDAQ:ASNS) announced today that its Annual Meeting of Stockholders, held on Monday, resulted in the approval of all proposed items. The meeting, which saw a 40.16% turnout of shareholders, led to the election of a director, ratification of an accounting firm, and authorization of common stock issuance.
Joseph Moscovitz was elected as a Class II Director for a three-year term until the 2027 Annual Meeting of Stockholders, with 908,223 votes in favor and 43,123 abstentions. Broker non-votes tallied to 1,060,327. Kesselman & Kesselman, Certified Public Accountants, a member firm of PricewaterhouseCoopers International Limited, was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024, with 1,997,107 votes in support, 12,235 against, and 2,331 abstained.
Additionally, the company received authorization to issue shares of common stock upon exercise of common stock warrants issued in a private placement financing transaction dated December 17, 2023, as required by NASDAQ listing rule 5635(D). The vote for this proposal resulted in 838,277 for, 112,241 against, and 828 abstained.
In other recent news, Actelis Networks has secured a $260,000 order to upgrade traffic systems in a Mid-Atlantic county, marking its continued involvement in intelligent transportation. Additionally, Actelis has entered into a definitive agreement to exercise Series A-2 warrants for approximately 999,670 shares of common stock, a transaction expected to generate around $2.25 million in gross proceeds.
The company has also secured significant orders for a smart city network project in a major German city and an Italian transport project exceeding $300,000. These developments highlight Actelis' expanding global footprint in the transportation sector.
In a recent partnership, Actelis has teamed up with Carahsoft Technology Corp. for public sector distribution in the United States and Canada, enabling Actelis to distribute its hybrid-fiber connectivity solutions to federal, state, local, and educational agencies.
Actelis has also received orders for its cyber-hardened technology to be implemented at three U.S. military bases, highlighting its growth within the military network ecosystem. Finally, Actelis plans to acquire a majority stake in Quality Industrial Corporation, a Dubai-based company specializing in industrial and energy solutions. This merger is expected to create a combined entity with a proforma revenue of $17 million in 2023.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.