Tesla has delayed filing its proxy statement ahead of its annual shareholder meeting as it likely needs more time to prepare. This pushes back the potential detailing of plans for issuing new shares and a possible stock split.
Tesla said on Monday in a securities filing that it would not be able to file a proxy statement until sometime later this year, without providing a specific timeline. The manufacturer did not specify a submission deadline, but indicated that the submission would be no later than the 120th day after the end of the last fiscal year. Tesla has faced a deadline for filing its shareholder proxy on April 30 following the fiscal year-end of December 31, 2021.
“We currently expect that our definitive proxy statement for the 2022 annual meeting of stockholders will be filed later than the 120th day after the end of the last fiscal year.”
Investors are eagerly awaiting details about an anticipated request for a share-issuance vote that the company announced on March 28. Tesla said new shares would “enable a stock split,” but didn’t provide details. The company has not announced a date for the 2022 shareholder meeting.
“On March 28, 2022, Tesla, Inc. announced its plan to request stockholder approval at the upcoming 2022 Annual Meeting of Stockholders for an increase in the number of authorized shares of common stock through an amendment to the Company’s Amended and Restated Certificate of Incorporation in order to enable a stock split of the Company’s common stock in the form of a stock dividend. Tesla’s Board of Directors has approved the management proposal, but the stock dividend will be contingent on final Board approval.
The Company’s definitive proxy statement relating to the Annual Meeting will include additional details regarding the Amendment, as well as the record date, date, and location of the Annual Meeting.”
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