AgEagle Aerial Systems Inc (NYSE: UAVS) experienced an increase in its stock price. The company’s shares were trading at $0.58 in the after-hours market, representing a 5.03% increase from its previous price. The rise in the stock price was a result of changes made to the company’s bylaws. These changes likely had a positive impact on investor confidence, leading to an increase in demand for the company’s shares and ultimately driving up the stock price.
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What changes has UAVS made?
In the weeks leading up to the Special Meeting, AgEagle (UAVS) mailed its shareholders a proxy statement for the meeting. AgEagle provided shareholders with a supplement to its proxy statement. This supplement updated the quorum requirement following the adoption of the Second Amended and Restated Bylaws on January 24, 2023.
In addition to revising and clarifying information in Proposal 2, UAVS also revised and clarified information regarding its 2017 Omnibus Equity Incentive Plan and the impact of the Reverse Split. As of the Record Date, 33-1/3% of the issued and outstanding shares of the Company’s Common Stock are entitled to vote, as provided by UAVS’ Second Amended and Restated Bylaws.
It is necessary that a quorum be represented, either in person or by proxy, in order for business to be transacted at the Special Meeting. In order to meet the quorum, shareholders must submit a valid proxy, or have one submitted on their behalf by their broker, or attend the Special Meeting and vote electronically. Quorum will be determined by counting absentees and broker non-votes.
A new drone was unveiled by UAVS:
An unmanned aerial system (“UAS”) called the eBee VISION was recently introduced by AgEagle (UAVS). The UAS is designed to enhance situational awareness in real-time to support critical intelligence, surveillance, and reconnaissance (“ISR”) operations. The eBee VISION is a high-resolution, medium-range video camera scheduled for global commercial release this year. Both daytime and nighttime beacons are capable of detecting, tracking, and geolocating objects. An eBee VISION drone can be deployed and operated by a single person and provides up to 90 minutes of flight time. It offers the same ease-of-use that has made UAVS’ eBee line of drones so popular.
