Summary
Bloom Energy Corporation (BE) filed an 8-K on June 18, 2020, detailing the results of its Special Meeting of Stockholders held on June 16, 2020. The meeting achieved a quorum, with 75.64% of the voting power of both Class A and Class B common stock represented. Crucially, all three proposals presented to the stockholders were approved by the requisite majority. The primary focus of the special meeting was to obtain stockholder approval for the full settlement of conversions of convertible senior secured notes and a subordinated convertible note into Class B common stock, as required by NYSE Listing Company Manual rules. The overwhelming approval for these proposals indicates that the company has received the necessary consent from its shareholders to proceed with the settlement of these debt instruments, which is a significant step in managing its capital structure and obligations.
Key Highlights
- 1Bloom Energy held a Special Meeting of Stockholders on June 16, 2020, achieving a quorum with 75.64% of voting power represented.
- 2All three proposals presented to stockholders were overwhelmingly approved.
- 3Proposal 1: Approval for full settlement of conversions in Class B common stock for the 10.0% Convertible Senior Secured Notes due 2021 was passed.
- 4Proposal 2: Approval for full settlement of conversions in Class B common stock for the 10.0% Convertible Senior Secured Notes due 2021 held by specific investors (New Enterprise Associates, KPCB Holdings, Foris Ventures) was passed.
- 5Proposal 3: Approval for full settlement of conversions in Class B common stock for the Amended and Restated Subordinated Secured Convertible Note held by Constellation NewEnergy, Inc. was passed.
- 6The approvals are required under NYSE Listing Company Manual Section 312.03 for the settlement of these convertible notes.
- 7Class A and Class B common stock voted as a single class on all matters.