Energy Focus Announces Adjournment of Annual Meeting of Stockholders

Rhea-AI Summary

Energy Focus, Inc. (NASDAQ:EFOI) announced its reconvened Annual Meeting of Stockholders on June 15, 2022, which was adjourned due to a lack of quorum. The meeting will now reconvene on June 22, 2022, at 9:00 a.m. Eastern Time. At the first meeting, only 49.87% of the voting power was present. Stockholders of record as of March 28, 2022, are encouraged to vote by June 21, 2022. If the quorum is not reached on June 22, further adjournments will incur additional costs for the company.

Positive

• Company continues to actively solicit votes from stockholders to ensure business proposals are addressed.
• Majority of proxies already submitted will be honored at the adjourned meeting.

Negative

• The Annual Meeting was adjourned due to insufficient quorum, reflecting potential stockholder disengagement.
• If quorum is not achieved at the next meeting, Energy Focus may incur additional costs.

SOLON, Ohio--(BUSINESS WIRE)-- Energy Focus, Inc. (NASDAQ:EFOI) (“Energy Focus” or the “Company”), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection products for the commercial, military maritime and consumer markets, today announced that the Company’s reconvened Annual Meeting of Stockholders (the “Annual Meeting”) scheduled for Wednesday, June 15, 2022 at 9:00 a.m. Eastern Time, was convened and adjourned without any business being conducted due to lack of the required quorum.

A quorum consists of the holders of a majority in voting power of all issued and outstanding stock entitled to vote, including common stock, par value $0.0001 per share, of the Company (“Common Stock”) and Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), being present in person or represented by proxy. At the convening of the Annual Meeting, there was present less than a majority in voting power entitled to vote, either in person or by proxy. The Annual Meeting therefore had no quorum and the meeting was adjourned to 9:00 a.m. Eastern Time on Wednesday, June 22, 2022.

The virtual Annual Meeting can be accessed by visiting www.virtualshareholdermeeting.com/EFOI2022. We encourage you to access the Annual Meeting before the start time of 9:00 a.m., Eastern Time, on June 22, 2022. Please allow ample time for online check-in, which will begin at 8:45 a.m., Eastern Time, on June 22, 2022.

During the current adjournment, the Company continues to solicit votes from its stockholders with respect to the proposals set forth in the Company’s definitive proxy statement filed with the United States Securities and Exchange Commission (the “SEC”) on April 13, 2022 (the “Proxy Statement”).

Only stockholders of record at the close of business on March 28, 2022 (the “Record Date”) will be entitled to notice of and to vote during the Annual Meeting and any adjournments or postponements thereof. The Company had 6,453,777 shares of Common Stock and 876,447 shares of Series A Convertible Preferred Stock issued and outstanding as of the Record Date. At the time the Annual Meeting was adjourned, proxies had been submitted by stockholders representing approximately 49.87% of voting power of all issued and outstanding stock entitled to vote at the Annual Meeting. Proxies previously submitted in respect of the Annual Meeting will be voted at the adjourned Annual Meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action.

The Company encourages all stockholders of record on March 28, 2022, who have not yet voted, to do so by June 21, 2022 at 11:59 p.m. Eastern Time. Stockholders who have any questions require any assistance with completing a proxy or voting instruction form or who do not have the required materials may contact ir@energyfocus.com.

If the number of additional shares of common stock voted at the adjourned Annual Meeting is not sufficient to reach a quorum, the Company intends to adjourn the Annual Meeting again, which will require the Company to incur additional costs.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220615006043/en/

Investor Contact:

Hayden IR

Brett Maas

646-536-7331

ir@energyfocus.com

Source: Energy Focus, Inc.

FAQ

What is the new date for the Energy Focus Annual Meeting?

The Annual Meeting of Energy Focus, Inc. is now scheduled for June 22, 2022, at 9:00 a.m. Eastern Time.

Why was the Energy Focus Annual Meeting adjourned?

The meeting was adjourned due to a lack of quorum, with only 49.87% of voting power present.

How can stockholders vote for the Energy Focus Annual Meeting?

Stockholders of record as of March 28, 2022, can vote until June 21, 2022, at 11:59 p.m. Eastern Time.

What happens if quorum is not reached for Energy Focus's Annual Meeting?

If quorum is not reached, the Annual Meeting may be adjourned again, leading to additional costs for the company.

What percentage of votes were submitted for Energy Focus's Annual Meeting?

Approximately 49.87% of the voting power was represented by proxies at the time of adjournment.