SAN JOSE, Calif. – Infinera Corporation (NASDAQ:) (NASDAQ:INFN), a manufacturer of telephone and telegraph equipment, announced the approval of an amendment to its Equity Incentive Plan increasing the number of shares authorized by 7.1 million. This decision was made during the annual meeting of shareholders held on Tuesday.
The amended 2016 Equity Incentive Plan, which now includes additional shares, was part of the company’s annual meeting agenda. Infinera shareholders voted in favor of the proposal with 163,963,491 votes in favor, 1,741,948 against and 81,959 abstentions. The expansion of the plan aims to provide a larger pool of shares for future grants to employees and officers, aligning their interests with those of shareholders.
In addition to the amendment to the incentive plan, shareholders elected three Class II directors to the Board of Directors for three-year terms expiring in 2027. The elected directors are David W. Hurd, Paul J. Milbury and David F. Welch, Ph.D. D. They will join existing board members Christina B. Bucklin, Gregory P. Dougherty, Sharon E. Holt, Roop K. Lakkaraj, Amy H. Rice and George A. Riedel.
In addition, shareholders on an advisory basis approved the compensation of the company’s named executive officers as described in the Fiscal 2023 Proxy Statement. This statement confirms the company’s executive compensation practices.
Finally, the appointment of Ernst & Young LLP as Infinera’s independent registered public accounting firm for the fiscal year ending December 28, 2024 was ratified. This approval ensures the continuity of the company’s financial audit processes.
On the same day, Infinera’s SEC filings confirmed these decisions, providing transparency and legal documentation of the corporate actions taken. Information based on press statement.
The approval of these proposals reflects Infinera shareholders’ confidence in the management and strategic direction of the company. The expanded incentive plan is designed to support the company’s growth initiatives by attracting and retaining key talent in the competitive technology industry.
In other recent news, Infinera Corporation, a global provider of optical networking solutions, faced Nasdaq notices of non-compliance due to delays in filing required financial reports. The company has since filed its overdue annual report and is actively working to regain Nasdaq compliance within the required time frame.
On the financial front, Infinera recently reported a revenue shortfall in the first quarter of fiscal 2024, with year-over-year revenue declines projected to be between 1% and 5% compared to 2023. Despite these challenges, the company remains optimistic about its long-term prospects. -term growth prospects with a target growth rate of 8% to 12% in 2025.
Infinera’s first-quarter conference call revealed strong ordering and strategic deal momentum, with contracts potentially worth more than $1 billion. The company also reported an operating loss of $25.9 million with an operating margin of -8.4%.
These recent developments highlight Infinera’s commitment to improving operational efficiency and implementing its strategic plans despite the current market downturn. The company’s future prospects are bolstered by several design wins, including an 800-date win and a new North American contract, which are expected to fuel future growth.
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