Spectra7 Announces Results of its 2024 Annual and Special Meeting of Shareholders

Rhea-AI Summary

Spectra7 Microsystems revealed the outcomes of its 2024 Annual and Special Meeting of Shareholders, held on June 27, 2024. Key decisions included the election of Raouf Halim, Roger Maggs, Christopher Morgan, and Ronald Pasek as directors, the appointment of an auditor, and approval of amendments to the company's stock option and restricted share unit plans. The amended equity incentive plans reserve up to 27,564,478 common shares, accounting for roughly 20% of the company's issued and outstanding shares as of May 17, 2024. These plans are awaiting the final approval of the TSX Venture Exchange.

Positive

• Election of experienced directors Raouf Halim, Roger Maggs, Christopher Morgan, and Ronald Pasek may strengthen leadership.
• Approval of amended equity incentive plans potentially enhances employee motivation and retention.

Negative

• Amended equity incentive plans could lead to significant shareholder dilution, with up to 20% of shares reserved.

SAN JOSE, Calif., June 28, 2024 /PRNewswire/ -- (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. ("Spectra7" or the "Company"), a leader in high-performance analog semiconductors for broadband connectivity markets, such as AI networks, hyperscale data centers, and AR/VR, today announced the results of its annual and special meeting of shareholders that was held on June 27, 2024.

All of the resolutions submitted for shareholder approval were adopted, including:

• the election of Raouf Halim, Roger Maggs, Christopher Morgan, and Ronald Pasek as directors;
• the appointment of the auditor; and
• the approval of amendments to the Company's stock option plan and restricted share unit plan (the "Amended Equity Incentive Plans").

Amended Equity Incentive Plans

The Amended Equity Incentive Plans reserve for issuance up to 27,564,478 common shares, being approximately 20% of the issued and outstanding shares of the Company as of May 17, 2024. The Amended Equity Incentive Plans are subject to final approval of the TSX Venture Exchange.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed, and resolution to enable disruptive industrial design for leading electronics manufacturers in data centers, 5G infrastructure, virtual and augmented reality, and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and technical support location in Dongguan, China. For more information, please visit www.spectra7.com. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Matt Kreps
Darrow Associates
214-597-8200
ir@spectra7.com

Spectra7 Microsystems Inc.
John Mitchell
Public Relations
650-269-3043
pr@spectra7.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/spectra7-announces-results-of-its-2024-annual-and-special-meeting-of-shareholders-302185970.html

SOURCE Spectra7 Microsystems Inc.

FAQ

What were the results of Spectra7's 2024 Annual and Special Meeting of Shareholders?

Spectra7's 2024 Annual and Special Meeting of Shareholders saw the election of four directors, appointment of an auditor, and approval of amendments to the company's stock option and restricted share unit plans.

Who were elected as directors at Spectra7's 2024 Annual and Special Meeting?

Raouf Halim, Roger Maggs, Christopher Morgan, and Ronald Pasek were elected as directors at Spectra7's 2024 Annual and Special Meeting.

What amendments were approved in Spectra7's equity incentive plans?

The amendments to Spectra7's equity incentive plans approved at the meeting reserve up to 27,564,478 common shares, approximately 20% of the company's issued and outstanding shares.

When was Spectra7's 2024 Annual and Special Meeting of Shareholders held?

Spectra7's 2024 Annual and Special Meeting of Shareholders was held on June 27, 2024.

What is the stock symbol for Spectra7 on the OTCQB market?

The stock symbol for Spectra7 on the OTCQB market is SPVNF.