UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 21, 2025 |
5E ADVANCED MATERIALS, INC.
(Exact name of Registrant as Specified in Its Charter)
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Delaware | 001-41279 | 87-3426517 |
(State or Other Jurisdiction
of Incorporation) | (Commission File Number) | (IRS Employer
Identification No.) |
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9329 Mariposa Road, Suite 210 | |
Hesperia, California | | 92344 |
(Address of Principal Executive Offices) | | (Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (442) 221-0225 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
| | Trading
Symbol(s) | |
Name of each exchange on which registered
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Common stock, $0.01 par value per share | | FEAM | | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☒
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As reported below under Item 5.07 of this Current Report on Form 8-K, on January 21, 2025, 5E Advanced Materials, Inc., a Delaware corporation (the “Company”) held its 2024 Annual Meeting of Stockholders (the “2024 Annual Meeting”). At the 2024 Annual Meeting, the Company’s stockholders approved an amendment to the 5E Advanced Materials, Inc. 2022 Equity Compensation Plan (the “Plan” and such amendment, the “Plan Amendment”) to increase the aggregate number of shares of common stock reserved for issuance under the Plan by 5,000,000 shares. The Plan Amendment was adopted by the Company’s Board of Directors on October 31, 2024 and became effective on such date.
The terms and conditions of the Plan, as amended by the Plan Amendment, are described in the section entitled “Proposal Four – To approve an amendment to the 5E Advanced Materials, Inc. 2022 Equity Compensation Plan to increase the number of shares of common stock authorized for issuance” in the Company’s Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on December 26, 2024 (the “Annual Meeting Proxy Statement”). The foregoing description of the Plan Amendment does not purport to be complete and is qualified in its entirety by reference to the complete text of the Plan Amendment, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
As discussed above, on January 21, 2025, the Company held the 2024 Annual Meeting at which a quorum was present. At the 2024 Annual Meeting, the following matters, each as discussed in the Annual Meeting Proxy Statement, were voted upon by the Company’s stockholders:
1.the election of each of four directors named in the Proxy Statement to serve on the Board of Directors (the “Board”) until the 2025 annual meeting of stockholders;
2.the ratification of the appointment of PricewaterhouseCoopers LLP (“PwC”) as the Company’s independent registered public accounting firm for the fiscal year ended June 30, 2025;
3.the approval, for the purposes of ASX Listing Rule 10.14 and for all other purposes, of the participation by each of (1) Paul Weibel, (2) Graham van’t Hoff, (3) Barry Dick, and (4) Bryn Jones, members of the Board, in the Plan, each as a separate resolution;
4.the approval of an amendment to the Plan to increase the number of shares of common stock authorized for issuance (“Plan Amendment Proposal”);
5.the approval, for purposes of Nasdaq Listing Rule 5635 and for all other purposes, of the issuance of additional shares of the Company’s common stock upon a Make-Whole Fundamental Change and upon conversion of the convertible notes issuable under the Amended and Restated Note Purchase Agreement (the “Convertible Notes Proposal”);
6.the approval of a potential future private offering;
7.the approval of amendments to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio ranging from any whole number between 1-for-10 and 1-for-25, as determined by the Board of Directors in its discretion, subject to the Board’s authority to abandon such amendments (the “Reverse Stock Split Proposal”); and
8.the approval of the adjournment of the 2024 Annual Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor of Proposals Three, Four, Five, Six or Seven (the “Adjournment Proposal”). The Adjournment Proposal was presented at the 2024 Annual Meeting but not needed as Proposals Three, Four, Five, Six or Seven each received a sufficient number of votes for approval.
As disclosed under the heading "Voting Exclusion Statement” in the Annual Meeting Proxy Statement, under the rules of the ASX, the Company disregarded votes cast in favor of certain proposals for those shareholders who may have had an interest in the outcome thereof, which voting exclusions impacted the final voting results reflected below.
The following are the voting results for each matter presented to the Company’s stockholders at the 2024 Annual Meeting:
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1. Election of Directors | | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
Paul Weibel | | 30,182,269 | | 403,406 | | 3,801,909 | | 4,349,651 |
Graham van't Hoff | | 29,654,457 | | 727,095 | | 4,006,032 | | 4,349,651 |
Barry Dick | | 30,162,074 | | 219,577 | | 4,005,933 | | 4,349,651 |
Bryn Jones | | 30,179,650 | | 213,837 | | 3,994,097 | | 4,349,651 |
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| | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
2. Ratification of the appointment of PwC as the Company’s independent auditors for the 2025 fiscal year | | 38,483,180 | | 188,026 | | 66,029 | | 0 |
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3. Approval of the participation by certain individuals in the Plan | | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
Paul Weibel | | 24,813,123 | | 438,977 | | 4,007,278 | | 4,349,651 |
Graham van't Hoff | | 24,570,928 | | 672,172 | | 4,016,278 | | 4,349,651 |
Barry Dick | | 24,796,789 | | 446,309 | | 4,016,280 | | 4,349,651 |
Bryn Jones | | 24,798,897 | | 444,149 | | 4,016,332 | | 4,349,651 |
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| | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
4. Plan Amendment Proposal | | 29,683,491 | | 709,378 | | 3,994,715 | | 4,349,651 |
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| | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
5. Convertible Notes Proposal | | 29,848,727 | | 537,356 | | 4,001,501 | | 4,349,651 |
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| | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
6. Approval of a potential future private offering | | 28,826,359 | | 1,553,956 | | 4,007,269 | | 4,349,651 |
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| | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
7. Reverse Stock Split Proposal | | 37,972,759 | | 514,670 | | 249,806 | | 0 |
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| | FOR | | AGAINST | | ABSTAIN | | BROKER NON-VOTES |
8. Adjournment Proposal | | 33,793,955 | | 1,971,772 | | 2,971,508 | | 0 |
Based on the foregoing, each of the director nominees set forth in Proposal 1 was elected, the participation by each of the individuals set forth in Proposal 3 was approved, and Proposals 2, 4, 5, 6, 7 and 8 were approved. No other matters were submitted to or voted on by the Company’s stockholders at the 2024 Annual Meeting.
Timing of Reverse Stock Split
The timing of implementation and exact ratio of the Reverse Stock Split will be determined by the Board without further approval or authorization of the Company’s stockholders and will be included in a public announcement once determined.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| | | 5E Advanced Materials, Inc. |
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Date: | January 21, 2025 | By: | /s/ Joshua Malm |
| | | Joshua Malm
Chief Financial Officer, Treasurer and Corporate Secretary |
