AquaBounty unable to reach quorum for annual shareholder meeting

A recent filing with the U.S. Securities and Exchange Commission revealed that AquaBounty Technologies had to defer its annual shareholder meeting due to the inability to convene a quorum of shareholders. The company plans to reconvene the meeting at 8:30 a.m. on June 12. Initially scheduled on Thursday, the meeting was promptly adjourned due to the lack of shareholder representation.

Stockholders have been tasked with electing individuals to serve on the company’s board of directors, endorse Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending Dec. 31, approve compensation for named executive officers, and handle any additional business that may arise during the annual meeting.

Several months ago, AquaBounty underwent a management restructuring and ceased its domestic operations. It liquidated supplies at its Pioneer, Ohio site where plans were in place to construct one of the country’s largest indoor salmon farming facilities. Additionally, the company divested its Canadian assets. Despite these changes, AquaBounty remains determined to secure a wastewater-discharge permit for its Pioneer project from the Ohio Environmental Protection Agency. The reasons for this commitment have not been disclosed.

The state agency has organized a public meeting and hearing on the permit request for June 11 at 6 p.m. Due to the expected attendance, the event will be held indoors at the Gillette Building located at the Williams County Fairgrounds in Montpelier, Ohio.

As trading on the Nasdaq market concluded on Friday afternoon, AquaBounty’s stock was priced at 84.2 cents per share.

This latest development comes following AquaBounty’s decision to halt its annual shareholder meeting due to an inadequate attendance of shareholders. The company has set a new date for the meeting and outlined the agenda, including electing board members, ratifying the appointment of an accounting firm, and approving executive compensation.

Months prior, AquaBounty underwent significant changes, including a management restructuring and discontinuation of its operations in the United States. The company has sold off assets in both the U.S. and Canada. Despite these changes, AquaBounty is still focused on obtaining necessary permits for its Pioneer project, although the specific rationale remains undisclosed.

The Ohio Environmental Protection Agency has scheduled a public meeting regarding AquaBounty’s wastewater-discharge permit application, hinting at the significance of the issue. The meeting’s location has been shifted indoors due to the expected turnout. Additionally, AquaBounty’s stock price was recorded at 84.2 cents at the market’s close.

These recent developments underscore the tumult within AquaBounty Technologies as it navigates operational changes and regulatory processes. The uncertainty surrounding shareholder meetings and permit acquisition reflects a challenging period for the company. Further updates on AquaBounty’s progress and decisions are eagerly awaited by stakeholders and industry observers.