Beam Global (BEEM) Earnings Call Transcript & Summary

Welcome to the Annual Meeting of Stockholders for Beam Global. I'd now like to turn the conference over to Kathy McDermott, CFO of the company. Please go ahead.

Hello, everyone, and welcome to the 2021 Annual Meeting of Shareholders for Beam Global. I'm Kathy McDermott, CFO of the company, and I will be presiding over this annual meeting and leaving us through the agenda. I hereby call this meeting to order. The company is conducting its annual meeting virtually again this year for the health and safety of our shareholders and other meeting participants as a precaution in light of public health concerns resulting from the novel coronavirus pandemic. On behalf of the company I hope that all in attendance and your families are safe and healthy. The notice for this meeting was mailed on April 30, 2021, to our shareholders of record as of April 12, 2021. Sufficient shares are represented at this meeting to constitute a quorum. There being a quorum, this meeting is hereby properly convened and authorized for the transaction of business. I will now introduce the company's directors who have joined us remotely today. Mr. Desmond Wheatley, President, Chairman and Chief Executive Officer and Secretary of the company and a director nominee. We also have Mr. Peter Davidson, Ms. Nancy Floyd and Mr. Anthony Posawatz, current directors and director nominees of the company. Their solo biographical details can be found in our proxy statement. I would also like to introduce Mr. David Hill and Mr. Justin Kay of RSM US LLP, the company's independent registered public accountants who have joined us remotely. Also joining us remotely, I would like to introduce Mr. Jeffrey Pietsch, our Corporate Counsel from the firm Weintraub Tobin Chediak Coleman Grodin Law Corporation. The meeting will be conducted in 2 parts. The first part will be devoted to the formal matters required to be acting upon. The second part will be the informal portion which will consist of a general question-and-answer period. For this meeting, we have 5 proposals, and we will be acting on 4 of these proposals today. Detailed information concerning each of these proposals is contained in our company's proxy statement which was previously made available to all shareholders. If you have previously voted, you do not need to vote at this time. If you have not voted or wish to revoke or change your vote, you can vote during the meeting. Please follow the instructions on the meeting website, including using the Vote Here button on the screen. The polls will close immediately after the presentation of today's proposals. I will be acting as the inspector of election for today's meeting. I have a certified list of holders of common stock of the company as of April 12, 2021, which is a record date for this meeting. As of the record date, there were 8,865,995 shares of common stock outstanding and entitled to vote. The proposal set forth in our proxy statement are: number one, to elect 4 directors to our Board of Directors to serve until the next annual meeting of stockholders or until their successors have been duly elected or appointed and qualified. Number two, to approve an amendment to our articles of incorporation to increase our authorized common stock from 9,800,000 to 350,000,000 shares. Number three, to approve the Beam Global 2021 equity incentive plan. Number four, to approve on a nonbinding advisory basis the compensation of our named executive officers. And number five, to ratify the appointment of RSM US LLP as our independent registered public accountants for the fiscal year ending December 31, 2021. We will be acting on proposals 1, 3, 4 and 5 today. The Board has determined that is in the best interest of our stockholders to adjourn this meeting to a future date to be reconvened virtually at the same website portal as which this meeting is conducted to permit the company to solicit additional proxies in favor of proposal number 2. That concludes the presentation of the proposals. The floor is now open for questions from shareholders concerning the proposals. [Operator Instructions] Are there any questions about the proposals?

There are currently no questions.

No question about the proposals at this time. At this time, with no more questions, the polls are now closed on all the proposals. As inspector I have a report containing the preliminary voting results for each of the 5 proposals. The final results will be provided in a current report on Form 8-K, which will be filed within 4 business days of today's meeting. Based on the report, for the first proposal, each of the Board's nominees received sufficient votes to be elected. For the third proposal, there were sufficient votes to approve the Beam Global 2021 equity incentive plan. For the fourth proposal, sufficient votes were cast for approval of the company's executive compensation on an advisory basis. For the fourth proposal, sufficient votes were cast to ratify the selection of RSM US LLP. The annual meeting is now adjourned until we convened at a future date, which will be announced shortly in a Form 8-K to act upon proposal number 2. We will now open up the meeting to general questions. [Operator Instructions] Have there been any questions submitted at this time?

There are currently no questions.

Okay. That concludes our question-and-answer period. So I'll now transfer over to Desmon for closing comments.

Thank you Kathy, and thank you to all those of you who have joined the meeting today and for voting in support of the proposals that management and the Board have put forward. As always, we don't make these proposals unless we believe they are in the absolute best interest of the shareholders and long-term and more immediate growth as a company. And we appreciate your approval of them. For the moment, that's all we have to say about this, and we'll look forward to reconvening on the matter that was adjourned during today's meeting after the actions that Kathy's already described are taking place. So with that, thank you very much. Stay healthy. And it's a great time to be doing what we're doing. We're very, very happy about progress the company is making and looking forward to a great continuation of this year and the years to come. Thank you.

This conference is now concluded. Thank you for attending today's presentation. You may now disconnect.