Neonode Inc . (NASDAQ:NEON), a company specializing in electronic components, held its annual meeting of stockholders on Thursday, with several key decisions made regarding its board and auditing firm. The meeting, which took place on July 5, 2024, led to the reelection of a director and the addressing of a recent auditor change.
Mrs. Cecilia Edström was reelected to Neonode's Board of Directors for a new three-year term as a Class I director, securing 4,376,822 votes for and 97,596 votes withheld. Additionally, there were 686,244 broker non-votes.
The company had initially planned to seek ratification for KMJ Corbin & Company LLP as its independent registered public accounting firm for the fiscal year ending December 31, 2024. However, due to the resignation of KMJ and the subsequent joining of its partners and professional staff with Crowe LLP, the proposal was withdrawn from the meeting's agenda.
Neonode announced that Crowe would take over as the independent registered public accounting firm for the current fiscal year, with plans to request stockholder ratification of Crowe for the 2025 fiscal year at the next annual meeting.
Stockholders also approved, on an advisory basis, the compensation of Neonode's named executive officers, with 4,396,930 votes in favor, 52,452 against, and 1,848 abstentions, alongside 709,430 broker non-votes.
Furthermore, stockholders expressed their preference for an annual advisory vote on executive compensation, with 4,437,968 votes supporting the one-year frequency, compared to 1,055 for two years, 8,206 for three years, and 4,003 abstentions, in addition to the broker non-votes.
The outcomes of these proposals are based on the information provided in the SEC filing by Neonode Inc. and reflect the decisions made by the company's stockholders during the annual meeting.
In other recent news, Neonode Inc. has made significant strides in its business strategy. The company has licensed its Touch Sensor Module (TSM) technology to YesAR, a Chinese firm specializing in holographic display technology. This marks a significant move in Neonode's shift from product sales to a licensing business model that began in December 2023.
The licensing agreement will allow YesAR to incorporate Neonode's TSM technology into its development and manufacturing of holographic infotainment solutions, intended for use in various industries such as automotive and elevator.
In another development, Neonode announced the immediate departure of Dr. Urban Forssell as its Chief Executive Officer. Fredrik Nihlén, the current Chief Financial Officer, will assume the role of interim CEO while the search for a permanent replacement is conducted.
Despite his departure, Dr. Forssell will continue to serve as a strategic advisor to Neonode and its Board of Directors until the end of 2024. This leadership change is part of Neonode's transition towards a licensing-focused model. These are recent developments that highlight the company's ongoing strategy shift and business expansion.
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