Identiv, Inc. (INVE) Earnings Call Transcript & Summary

All right. Good morning, everyone, and welcome to the 2021 Annual Virtual Meeting of Stockholders of Identiv Inc. My name is Steve Humphreys, and I'm the Chief Executive Officer of Identiv. I'll act as Chairman of this Annual Meeting of Stockholders. Following the formal portion of the meeting, I'll be happy to answer any questions. And at this time, I'd like to call the meeting to order. We're very excited to be hosting our virtual meeting, which lets us be more inclusive and reach more of our stockholders this way. This meeting is being held pursuant to the notice of annual meeting mailed to all stockholders of the company. Also joining us today are Directors, Jim Ousley, Robin Braun and Gary Kremen. And also joining me today are Sandra Wallach, our Chief Financial Officer and Corporate Secretary; and Rich Bellucci of BPM LLP, our independent registered public accounting firm; and Stan Pierson of Pillsbury Winthrop Shaw Pittman LLP, our Corporate Counsel. Ms. Wallach will act as secretary of the meeting. Sandra Wallach has been appointed and previously sworn in as inspector of elections for the meeting. So I'll ask Ms. Wallach as inspector of elections for her report on the shares present at this meeting. Sandra?

Mr. Chairman, a list of the stockholders representing 18,187,678 shares of the company's common stock outstanding as of the close of business on April 1, 2021, which was the record date of this meeting, will be incorporated into the minutes of this meeting. Only stockholders as of the record date are entitled to vote at this meeting. We have received the affidavit of mailing of the notice of annual meeting, which will be filed with the minutes of the annual meeting. I'm pleased to report that immediately prior to the commencement of the meeting, the holders of 14,376,324 shares of common stock, representing approximately 79% of all shares entitled to vote at the annual meeting are represented in-person or by proxy at this annual meeting. As a result, a quorum exists and the meeting is authorized to conduct business.

All right. Thanks, Sandra. At this time, we'll consider the items of business on the agenda. The matters to be considered at today's meeting, which are further described in the proxy statement dated April 13, 2021, will be: number one, to elect one Class III Director to serve until the expiration of the term of the Class III Director, ending at the Annual Meeting of Stockholders in 2024 and until his respective successor has been duly elected and qualified or until such Director resigns or is removed. The nominee is Gary Kremen. The one nominee for Class III Director receiving the highest number of votes will be elected as the Class III Director. Matter number 2 is to ratify the appointment of BPM LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. The affirmative vote of the holders of a majority of the votes cast and entitled to vote at the annual meeting is required to approve this proposal. Matter number 3 is to approve a nonbinding advisory resolution regarding the compensation of the company's named executive officers as described in the proxy statement. The affirmative vote of the holders of a majority of the votes cast and entitled to vote at the annual meeting is required to approve this proposal. Each of these proposals is described in detail in the proxy statement. If any stockholder would like to ask a question regarding any of the proposals, please submit your comments through the web portal. The polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote can do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and don't want to change their vote, don't need to take any further action. [Voting]

Okay. Now that everyone's had the opportunity to vote, I now declare the polls for the 2021 Annual Stockholder Meeting closed. And I'll turn it back over to Sandra as inspector of elections.

I'm pleased to report on the results of this meeting. The nominated Class III Director, Gary Kremen, has been elected to hold office until the expiration of the term of the Class III Director or until a successor is duly elected and qualified. The proposal to ratify the appointment of BPM LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021, has been approved. And lastly, the proposal to approve a nonbinding advisory resolution regarding the compensation of the company's named executive Officers has been approved.

All right. Thank you, Sandra. This concludes the formal agenda of the 2021 Annual Meeting of Stockholders of Identiv Inc. I'd like to thank you for your interest at this meeting, and I'll now entertain a motion to conclude the formal portion of the meeting. Open for motions to conclude the formal portion, I believe there are a couple of stockholders who have motions they'd like to enter.

This is Stan Pierson. Can you hear me?

We can.

Yes. I'm a stockholder of the company, and I so move to adjourn the meeting.

Thank you, Stan. Is there a second?

Mr. Chairman, this is Robin Braun. Can you hear me?

Yes, we can.

I'm a representative -- I'm sorry, I'm a stockholder of this corporation, and I move that this meeting be adjourned.

All right. Thank you, Ms. Braun. Thank you, Mr. Pierson.

And I second it.

Great. Thank you. The motion is entered and seconded. The meeting is adjourned. Thank you all for your attendance. And I believe that at this point, we'll entertain any questions that you might have. We'll take stockholder questions that are being entered today on the web portal. Sandra, just give it a second. But are there any questions that you see coming in?

Mr. Chairman, we've received no questions. I'll now pass it back to you to end the meeting.

All right. Thank you very much. Thank you all for attending the meeting. And in particular, shareholders who participated and voted your shares. We greatly appreciate the high level of shareholder participation in the conduct of the company, and we look forward to continuing to build the business and opportunity in front of us. So thank you all again, and have a very good day.