ClearPoint Neuro, Inc. (CLPT) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. My name is Joseph Burnett, Chief Executive Officer, President and Member of the Board of Directors of ClearPoint Neuro, Inc. and I would like to welcome all of you to the company's 2021 Annual Meeting of Stockholders. I will act as Chairman of this meeting. And at this time, I will call the meeting to order. With me today are the following Directors and Director nominees of the company, R. John Fletcher, member of the Board of Directors and a Director Nominee; Pascal E.R. Girin, member of the Board of Directors and a Director Nominee; B. Kristine Johnson, member of the Board of Directors and a Director Nominee; Matthew B. Klein, member of the Board of Directors and a Director Nominee; Timothy T. Richards, member of the Board of Directors and a Director Nominee; and myself, Joseph Burnett, President, CEO, member of the Board of Directors and a Director Nominee. Also joining us today are Danilo D’Alessandro, Chief Financial Officer; and Ellisa Cholapranee, General Counsel and Secretary. And finally, Steven Vacante with Continental Transfer & Trust Company (sic) [ Continental Stock Transfer & Trust Company ] who has been designated as inspector of election for today's meeting. Please note that certain rules of conduct are in effect in connection with today's meeting. A copy of the rules of conduct has been furnished to each attendee on the website through which each attendee has access to this meeting. A few highlights of these rules include the following: there will be no recording of today's meeting. A webcast replay will be available following the meeting. Stockholders may submit questions where indicated in the designated field on the web portal during this meeting. To submit a question, the stockholder must use the control number appearing on his or her proxy card for purposes of identification. All questions must pertain to the matters to be voted on at this meeting. Generally, those questions should be submitted, so as to be no longer than 1 minute to be read aloud by Mr. D’Alessandro, and responses are limited to 2 minutes. Appropriate meeting-related questions will be addressed in a brief question-and-answer session after the proposals are presented. Any general questions that are submitted may be addressed in the normal course of our future public communications with investors. The polls are open and will close on my discretion. [Voting]

At this time, I will ask Mr. Vacante as the inspector of election to confirm that he is in possession of a certified copy of the company's stockholder list as of April 5, 2021, the record date for this meeting.

Confirmed.

And Mr. Vacante, is a quorum present at this annual meeting?

The bylaws of ClearPoint Neuro, Inc. provide that a quorum constitutes the presence in person or by proxy of a majority of the voting power of the outstanding shares of common stock entitled to vote at the meeting of stockholders. At April 5, 2021, the record date for this meeting, there were a total of 20,512,602 shares of common stock issued and outstanding, which represents the entire voting power of ClearPoint Neuro, Inc. There are 14,776,834 shares represented in person or by proxy at this meeting. This amount represents an excess of a majority of shares, therefore, a quorum is present.

Thank you, Mr. Vacante. The formal business of this annual meeting is: Number one, to elect 6 persons to serve as directors of the company for a term of 1 year each; number two, to ratify the appointment of Cherry Bekaert LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021; number three, to approve the company's employee stock purchase plan; and number four, to approve on an advisory basis, executive compensation. All voting will be by electronic submission on this website through which you have accessed this meeting and will be tabulated after all agenda items are presented and discussed. We will now move to the matters before the stockholders at this annual meeting. I will now entertain a motion to elect the company's slate of 6 directors.

I so move.

I will now entertain a motion to ratify Cherry Bekaert LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021, as described in the company's proxy statement concerning this meeting.

I so move.

I will now entertain a motion to approve the company's employee stock purchase plan.

I so move.

I will now entertain a motion to approve on an advisory basis, executive compensation.

I so move.

I will now ask Danilo D’Alessandro to read meeting-related questions submitted on the website prior to or during this meeting so that we may address them at this time.

No meeting-related questions have been submitted.

Well, thank you, Danilo. All stockholders or proxy holders who desire to vote should have submitted your votes at this time. The polls are hereby declared closed. If there are no further questions, I would now call upon Mr. Vacante to take a moment to calculate the results and thereafter give the results of the vote on the matters presented here at this meeting.

The results of the election of 6 persons to serve as directors are as follows: Joseph M. Burnett, R. John Fletcher, Pascal E.R. Girin, B. Kristine Johnson, Matthew B. Klein and Timothy T. Richards have been elected to the Board. The results on the ratification of the appointment of Cherry Bekaert LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021, are as follows: the appointment of Cherry Bekaert LLP, as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021, is ratified. Results of the vote to approve the company's employee stock purchase plan are as follows: the company's employee stock purchase plan is approved. The results of the advisory vote to approve the executive compensation are as follows: executive compensation on an advisory basis is approved.

Thank you, Mr. Vacante. I will now entertain a motion to adjourn and conclude the formal portion of this meeting.

I so move.

The meeting is now adjourned, and we thank you for your participation.