Innovative Solutions & Support, Inc. Urges Shareholders to Vote Ahead of Annual Meeting

Rhea-AI Summary

Innovative Solutions & Support, Inc. (NASDAQ: ISSC) has received unanimous support from leading proxy advisory firms ISS and Glass Lewis for its 2023 Annual Meeting agenda, set for April 13, 2023, at 10:00 AM EST. Shareholders are urged to submit their votes by April 12, 2023. A key proposal seeks to amend voting requirements from a super-majority to a simple majority, necessitating 65% approval from shares outstanding. Both advisory firms believe this change enhances corporate governance and facilitates shareholder interests. More details are available on ISSC's Investor Relations page.

Positive

• Unanimous recommendations from ISS and Glass Lewis to support all agenda items.
• Proposal to change voting requirements to a simple majority is viewed positively by proxy advisory firms, enhancing corporate governance.

Negative

• None.

Independent proxy advisory firms ISS and Glass Lewis Both Recommend Approval of All Items

EXTON, Pa.--(BUSINESS WIRE)-- Innovative Solutions & Support, Inc. (“IS&S”) (NASDAQ: ISSC) today issued a reminder to shareholders regarding the importance of their vote at its 2023 Annual Meeting, which will be held on April 13, 2023 at 10:00 AM EST. Shareholders are encouraged to refer to the voting instruction forms they received to vote by telephone or internet by the deadline of April 12, 2023 at 11:59 PM EST.

IS&S’s Board unanimously recommends that its shareholders vote in favor of all agenda items. Proposal 1, which amends IS&S’s articles to use a majority, rather than a super-majority, voting standard, to provide the Board with more flexibility to exercise its business judgment to evaluate and pursue future opportunities in the Company’s growth and development. This proposal needs the approval of 65% of all shares outstanding. Consequently, the vote of all shareholders, regardless of how many shares they each own is extremely important.

IS&S also announced that ISS and Glass Lewis, the world’s two leading independent proxy advisory firms, have both recommended that their institutional clients vote FOR all agenda items.

Regarding Proposal 1, the ISS report opined that “The reduction in the voting requirement to a majority of the common stock from 65 percent of the outstanding shares is a step in the positive direction for the company and represents an enhancement in the company's corporate governance structure.”

In its recommendation for that proposal, Glass Lewis cited its belief that “supermajority vote requirements act as impediments to takeover proposals and impede shareholders’ ability to approve ballot items that are in their interests.”

For more information on the Company’s Notice of Annual Meeting of Shareholders filing, please visit the Investor Relations page on the IS&S website, or click here.

About Innovative Solutions & Support, Inc.

Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEM’s) and retrofit applications. The company supplies integrated Flight Management Systems (FMS), autothrottles and advanced GPS receivers for precision low carbon footprint navigation.

This release may contain certain statements of a forward-looking nature relating to future events. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements due to factors such as those discussed in filings made by the Company with the SEC, and readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230321005291/en/

Investor Relations:

Michael Callahan

203-682-8311

isscir@icrinc.com

Press:

Jason Zywalewski

+1 610.646.9800 x609

jzywalewski@innovative-ss.com

Source: Innovative Solutions & Support, Inc.

FAQ

What is the date of the ISSC Annual Meeting?

The ISSC Annual Meeting is scheduled for April 13, 2023.

What is the importance of the vote at the ISSC Annual Meeting?

The vote is crucial as it includes a proposal to change voting requirements from a super-majority to a simple majority.

What do ISS and Glass Lewis recommend regarding ISSC's proposals?

Both ISS and Glass Lewis recommend that shareholders vote for all agenda items at the ISSC Annual Meeting.

What is the proposal concerning voting requirements for ISSC?

The proposal aims to reduce the voting requirement from a super-majority to a simple majority.

When is the deadline for ISSC shareholders to vote?

The deadline for voting is April 12, 2023, at 11:59 PM EST.