01—Abstract
Summary
Summary of the 8-K filed March 4, 2024. Cited figures are marked; the original filing is the authoritative source.
Symbotic Inc. (SYM) filed this Current Report on Form 8-K to disclose the results of its 2024 annual meeting of stockholders, held via live audio webcast on March 1, 2024.
Stockholders were asked to vote on two proposals described in the company's definitive proxy statement filed January 19, 2024. The record date was January 5, 2024, and the meeting reached a quorum with holders representing 99.24%a of the combined voting power of shares entitled to vote. All seven director nominees were elected to one-year terms expiring at the 2025 Annual Meeting.
Richard Cohen, Rollin Ford, Charles Kane, Todd Krasnow, Vikas Parekh, Daniela Rus and Merline Saintil each received large majorities of votes cast in favor, with Todd Krasnow and Merline Saintil having the highest numbers of votes withheld at 2,263,679 and 2,727,764, respectively. Stockholders also ratified the appointment of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending September 28, 2024, with 1,375,493,013 votes for, 31,833 against and 250,898 abstentions. The filing is administrative in nature and reports no new financial results, transactions or strategic developments.
Its main significance for investors is the confirmation of the board's composition and the continued engagement of Grant Thornton as auditor. The company's shares are split across Class A, Class V-1 and Class V-3 common stock, with Class V-3 holders entitled to three votes per share, and all classes voted together as a single class.
02—Key points
Key Highlights
- Annual meeting held March 1, 2024 via live audio webcast, with a quorum established at 99.24% of combined voting power.
- All seven director nominees were elected to serve one-year terms until the 2025 Annual Meeting of Stockholders.
- Todd Krasnow received 1,364,471,462 votes for and 2,263,679 withheld; Merline Saintil received 1,363,982,475 votes for and 2,727,764 withheld, the highest withhold counts among nominees.
- Stockholders ratified Grant Thornton LLP as independent registered public accounting firm for the fiscal year ending September 28, 2024, with 1,375,493,013 votes for and 31,833 against.
- Voting power is split across Class A (85,295,300 shares), Class V-1 (81,487,643 shares) and Class V-3 (406,512,941 shares) common stock as of the January 5, 2024 record date.
- Class V-3 common stock carries three votes per share, while Class A and Class V-1 carry one vote per share, and all classes voted together as a single class.
03—Questions
Frequently Asked Questions
What matters did Symbotic stockholders vote on at the March 1, 2024 annual meeting?
Stockholders voted on two proposals: the election of seven directors to one-year terms expiring at the 2025 Annual Meeting, and the ratification of Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending September 28, 2024.
Were all of the director nominees elected?
Yes. The filing states that each of the seven nominees (Richard Cohen, Rollin Ford, Charles Kane, Todd Krasnow, Vikas Parekh, Daniela Rus and Merline Saintil) was elected to serve for a term of one year until the 2025 Annual Meeting of Stockholders.
Did stockholders approve the choice of auditor?
Yes. Stockholders ratified the appointment of Grant Thornton LLP, with 1,375,493,013 votes for, 31,833 against and 250,898 abstentions. The filing notes there were no broker non-votes on this proposal.
How much voting power was represented at the meeting?
Shares representing 99.24% of the combined voting power of shares entitled to vote as of the January 5, 2024 record date were present or represented by valid proxy, establishing a quorum.
How does the company's share structure affect voting?
The company has Class A, Class V-1 and Class V-3 common stock. Class A and Class V-1 holders receive one vote per share, Class V-3 holders receive three votes per share they beneficially own, and all classes vote together as a single class on matters submitted to stockholders.
04—Continue