Joby Aviation , Inc. (NYSE:JOBY), a company specializing in aircraft manufacturing, recently concluded its Annual Meeting of Stockholders on June 14, 2024. The meeting saw significant participation from stockholders, with approximately 78% of the outstanding shares represented in person or by proxy.
During the gathering, shareholders voted on several crucial proposals as detailed in the company's 2024 Proxy Statement. The first proposal involved the election of three Class III directors to serve until the 2027 Annual Meeting of Stockholders. The elected directors are JoeBen Bevirt, Aicha Evans, and Michael Thompson, with Bevirt and Evans receiving over 412 million votes in favor, and Thompson securing over 432 million votes.
The second proposal was to ratify Deloitte & Touche LLP as Joby Aviation's independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal received overwhelming support, with over 547 million votes in favor.
Lastly, the stockholders engaged in a non-binding advisory vote on the compensation of the company's named executive officers, commonly referred to as the "Say on Pay Vote." This too passed with a notable majority, garnering over 426 million votes in favor.
The specifics of the voting outcomes are as follows: JoeBen Bevirt received 414,751,359 votes for and 18,551,238 withheld; Aicha Evans had 412,288,946 votes for and 21,013,651 withheld; Michael Thompson got 432,366,490 votes for and 936,107 withheld. For the ratification of the accounting firm, there were 1,574,196 votes against and 2,573,919 abstentions. In the Say on Pay Vote, there were 5,998,624 votes against and 929,304 abstentions.
In other recent news, Joby Aviation has made significant strides in the electric air taxi industry. The company received authorization from the Federal Aviation Administration (FAA) for its software suite, ElevateOS, designed to enable efficient air taxi operations. Joby Aviation also acquired Xwing Inc.'s autonomy division, a move that is expected to expedite the company's piloted operations and open the path for fully autonomous flights.
The company has retained its Buy rating from Canaccord Genuity and announced a potential sale of its electric vertical takeoff and landing (eVTOL) aircraft to Mukamalah Aviation, a subsidiary of Saudi Aramco (TADAWUL:2222). This development could mark a significant expansion into the Saudi market. Additionally, Joby Aviation has signed a Memorandum of Understanding with Mukamalah, aiming to introduce its eVTOL aircraft in Saudi Arabia.
In terms of financial progress, Joby Aviation reported advancements in the first quarter of 2024, including the completion of Stage 3 of the FAA type certification process and the expansion of its manufacturing capabilities with a new facility in Ohio. The company ended the quarter with $924 million in cash and short-term investments. These developments highlight the company's continued growth and potential in the aviation industry.
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