Cepton, Inc. (NASDAQ:CPTN), a Delaware-based company specializing in motor vehicle parts and accessories, announced today that it has successfully concluded its 2024 annual meeting of stockholders. The meeting resulted in the approval of all proposed resolutions, including the election of directors and the ratification of the company's independent auditor.
During the annual meeting, which took place on Monday, stockholders elected two Class B directors to serve until the 2027 annual meeting. The elected directors are George Syllantavos, who received 9,232,918 votes for and 456,058 withheld, and Xiaogang (Jason) Zhang, with 9,270,732 votes for and 418,244 withheld. There were 3,439,068 broker non-votes for each nominee, indicating shares present at the meeting not voted by brokers on discretionary matters.
Furthermore, stockholders ratified the appointment of KPMG LLP as Cepton's independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's appointment was confirmed with 12,793,596 votes for, 295,925 against, and 38,523 abstained.
The annual meeting saw an impressive turnout, with approximately 82% of the eligible shares represented in person or by proxy. As of May 6, 2024, the record date for stockholders entitled to notice and vote, there were 15,920,917 shares of Cepton's common stock outstanding.
Cepton Inc (NASDAQ:CPTN)., initially known as Growth Capital Acquisition Corp., has undergone multiple name changes in its history, with the most recent change recorded on September 10, 2021. The company is headquartered at 399 West Trimble Road, San Jose, California, and operates under the IRS Employer Identification No. 272447291.
In other recent news, lidar technology company, Cepton Inc., has been making strides, as evidenced by their first-quarter earnings call. The company announced the successful development of its Cepton Ultra long-range lidar product and a series production project with a global OEM in collaboration with Koito. Cepton has set a full-year revenue guidance of $15 million to $25 million, driven by a mix of NRE contracts and product sales, and projects positive cash flow by Q2 2024.
The company has also secured a $10 million engineering services contract with a global OEM, which will be recognized in Q2 2024. Furthermore, the recent NHTSA ruling on automatic emergency braking systems is seen as a favorable development for the lidar industry, with a focus on safety features over autonomy in OEM adoption.
Cepton is also actively working on an acquisition offer from Koito, although further details are not yet available. These recent developments highlight Cepton's commitment to growth and innovation in the lidar market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.