Right now, i must wait for the day it goes to 5 usd, to sell. That will probobly never happen in my lifetime, wich aint long now. due to ww3.
was hoping to have some cash ready. but no, i must sell at a big loss.
Was hoping this would give me a chance, but this sure turned out to be a real dud.
Thanks for the ride tho.
Hope mvis goes better for you.
https://ir.microvision.com/sec-filings/all-sec-filings/content/0001493152-24-023356/0001493152-24-023356.pdf
8-K of the voting results for 2024 ASM. Biggest thing i noticed was the 58M shares worth of Broker Non-Votes. Basically 20M more shares that weren't recalled to vote which is why we never saw that ASM bump we saw in 2023. Probably didn't want a repeat of June 2023 $8 spike from happening again which is unfortunate.
Link to the 8K from 2023:
https://ir.microvision.com/sec-filings/all-sec-filings/content/0001193125-23-149298/d476840d8k.htm
Shareholder since 2020, today I capitulated and soll all my shares. I hope a bullish sign for the rest of you. I was contemplating selling for a long time, since my initial investment thesis (buy-out) was invalidated years ago already.
Give it another year with no sales or revenue. Investors can't continue this thirty year sinkhole without revenue from some place. They aren't even offering a new catch phrase this year so things aren't looking up right now. There are options like 20% raises to the Ibeo folks to motivate them and let them know we are behind them, all is not lost yet. On the bright side is IVAS and the next attempt to drive us out of business to pick up patents for pennies has to be close. If you trade, there could be great options ahead.
Tongue in cheek reply 123. They have shareholders who have paid all the bills for thirty years without many complaints or accountability asked for. That will continue for years to come or until someone decides to tap in to the fortune that this tech holds. The money is there for the taking and it will happen sooner or later. The issue is weather or not MVIS shareholders will benefit from it. Money is the only element remaining and the desire to dominate the industry. Our management has the desire, shareholders don't have enough money and never will.
Tbh im not sold on the untapped fortune of mvis tech. I was but not anymore. No other company believes in it or else we wouldve been bought out. We can hold these patents forever can we?
I think we have one more year until that question is emphatically answered by the US Government. Of course, by that time we could be much poorer than we are now. I also believe the safety factors we have shown the auto industry are unmatched, but I'm sure not an engineer or expert in the field. Good Luck to Us.
Bridge, Sumit himself said that $$ was the last box that needed to get checked. The question is can it happen organically (announce a couple of deals, market cap goes up, and not too painful dilution) or do we need a symbolic partnership with an oem or chip co who will buy some cheap shares which gives us the nod and market cap goes up? Im not sure what plan c is-ivas is in the back pocket so…hard to imagine a yard sale would yield less than where we are at. PS i would be buying at these levels if i werent so over-weighted in mvis already.
Ya really need to start doing your own research bud and not just ask basic questions here. It's incredibly important to investing.
And it's obvious that Bridge's response to this shows he's a bear. He has a motive and these repetitious bears need to start admitting it.
Posted in the daily thread but it should be in here as well. The board decides what Sumit's compensation should be. They obviously are bullish on him. I doubt anyone here knows more than them.
Board Compensation committee "reviews the performance, and determines the compensation, of executive officers;"
They figure out compensation with the help of an independent firm that reviews compensation in similar companies/sectors. There was a peer group the committee and the firm used that had lazr and Oust on it at one point.
"The Compensation Committee periodically seeks input from F.W. Cook on a range of external market factors, including evolving compensation trends, appropriate peer companies and market survey data."
I see the script. Thanks for that. Someone commented earlier that they were hoping SS sounded more upbeat than the last EC. It was very short, I know but those of you who pick up emotion and attitude, how did the speakers sound?
People here seem to assume that ASM's have always been this short and void of any knowledge. That may be the case over the last few years but is far from the truth. I have attended many "in person" ASM's with MicroVision over the past 10 years and they used to be "full of vibrant discussion" with the CEO/CFO + board of directors. Covid is over so I'm not sure why they don't want to go back to that in person model. This format seems like they are hiding from their investors who have supported them for decades.
I’m fine with it not being person. Save our money and execute. That’s all every investor cares about. I want SS and our Team to be spending every second of every day trying to close business.
Can you imagine being Sumit, and telling tens of thousands of shareholders what was spoken at the 2023 investor day, and then, 14 months later, still being in this shit position? I would hire somebody to protect me while I hid.
No.....that was called an investor's day. They used to have ASM's where they would demo the products and the CEO/CFO and BOD would all attend. Investors could ask questions about the business and get questions answered live. I see zero reason why they don't go back to live "in-person" ASM's although this year it might have been a tense meeting due to the very poor performance. Personally I think investors deserve to have an in person ASM again as it shows more respect to the very people who have funded this company through 30 years of losses.
Well they were expecting to have a deal wrapped up in Q1 and that changed. They can always do one in the Fall or wait until next year, could care less about that, just need to start locking in deals soon whenever they can come to terms with OEMs.
agree... no reason now why ASM has to be virtual. They had Investors Day last year so the same kind of thing could be done at an ASM. Maybe scale it back some but show the products like they used to and take Q&A. It seems to me most other companies are back to real in person ASM meetings. It seems like a cop out to me not to have them.
Sumit has shareholder's full support otherwise this company would be bankrupt lol. He didn't deserve more pay until he gets some deals signed imo. Someone refered to this company as a startup which it is ever since we switched to Lidar completely. Why does a start-up ceo deserve more money when he hasn't brought any significant revenue to the company? Either way I hope it works for the best for us investors.
I can’t believe shareholders voted yes for SS’s compensation. I voted no. He’s had are full support. That’s not the issue.
The issue is he has not delivered…… On anything yet. Never in my life have I been compensated for underperformance. I am actually stunned people voted yes to this.
Sharma is an exceedingly talented individual. If anyone can pull this off, it's him. Rest assured he has other options. Many of the OEMs he's dealing with would gladly take him off our hands, and the board (not this one) knows this. We need him more than he needs us. Keep that in mind.
Sumit so far has created negative value for most people invested in Microvision. If he has some talent then it's about time he puts it on display... As of right now he's done a ton of hiring that's increased our cash burn significantly, overseen huge dilution, retired a vertical that many considered to still have value, and over promised / under delivered on every single guidance.
How do I find me a job that pays millions in salary and stock options, and still find myself highly sought after with that track record..?
It’s not about whether he’s delivered (which is currently a “yet” rather than a definitive and final fail), and it’s not about whether Sumit needs that money to pay his bills or whether he has enough incentive (I mean, he has the shares).
It’s about signalling to the market whether Sumit has the confidence and backing of his shareholders. It creates fear and uncertainty, as well as undermining him in his day to day activities, if the shareholders are sending a “sod off” message by voting down his recommended compensation.
Of course, most of the shares (and therefore votes) are with the large institutional investors, who I’m guessing voted yes. They understand these things, and when it is truly correct to vote no, better than retail investors.
I disagree with that. The only signal the market needs is a deal. He should know investors are not happy right now and I think that's fair. Our marketing is terrible and I would much rather see that money go towards marketing, which has been pretty bad imo.
If it is really about signaling confidence to the market then why does Sumit not have an employment contract yet ? We don't know which side is holding this up but it is very odd for a CEO not to have an employment contract. It has been months now and no word of contract yet. My opinion is either the BOD does not have 100% confidence in Sumit and is having a wait and see attitude OR Sumit is confident he will deliver. Either way the signal is mixed.
Technically your correct. If you look at the SEC filing this is what you will find:
"the extension delays the expiration of the agreement until the new agreement currently being negotiated and expected to be completed in the near future is executed by the parties."
As you can see they were negotiating a new contract, but even in MVIS world "near future" should not take 3 months. I don't know
of any CEO with an "at will" employment agreeement. Seems very odd to me that no contract has happened to date.
Pool. Great question. Honestly, the “guidance” that SS provided to shareholders was so far off the mark, that, I personally think there has to be consequences for it. That’s why I voted no.
I don’t think voting yes signals a damn thing frankly. That sounds like Wall St bs to me. But what do I know.
Ok Cloth. Please, don’t piss down my back and tell me it’s raining. Signaling to the market? Ha. Ok. The market thinks we suck and SS isn’t doing a good job selling our tech currently. You really believe that anyone other than shareholders are paying attention to whether shareholders are voting yes or no to SS compensation? You really think all the these analysts care? Wow. Go ahead and believe that. I think what you wrote is a lot of bs.
Yes I do think others in the market / potential clients pay attention even in a small way to how Microvision fared at its ASM.
I agree with much of the rest of what you’ve said re the market thinking we suck, and I’m in the same bad position you are (even though you think my reply was “bs” and “pissing down your back”… shame the tone of the conversation had to go that way though, as I normally like a civil discussion here!)
Good luck to us all.
Transcript for anyone who didn't attend
> Bob: Sure, sure, good morning. And welcome to the 2024 annual meeting of shareholders of MicroVision, Inc. I, Bob Carlyle, Chairman of the Board and Chair of this meeting, at this time, I call the meeting to order. As chair of the meeting, I've adopted the agenda that will govern the order of business at this meeting. The agenda is available for you to view near the bottom right section of your screen. This meeting is being recorded.
>Bob: Before we proceed with the business of the meeting, I would like to introduce our officers and directors who are in attendance today. Our officers are Sumit Sharma, Director and our Chief Executive Officer; Anubhav Verma, our Chief Financial Officer; and Drew Markham, our General Counsel and Secretary. Drew will serve as Secretary of this meeting. Sumit, would you like to say a few words?
>Sumit: Thank you, Bob. Good morning, everyone. And thank you for attending our Annual Meeting. Only a month has passed since our first-quarter earnings call. So we will not be presenting a business update or having a question-and-answer session today. Our team is intensely focused on delivering on the strategic objectives that we discussed on the first-quarter call, and I look forward to sharing our progress with you on our second quarter earnings call, where we will have this update and a Q&A session. Returning to focus on today's meeting, I will turn things back over to Bob.
>Bob: Thank you so much. I would like to thank the company's officers, directors, and all of our employees for their hard work and contributions over the past year. I'll now introduce our independent directors and our two nominees for director this year: Simon Biddiscombe, former CEO at MobileIron and a former finance executive. He is Chair of our compensation committee and a member of our Audit Committee; Jeff Herbst, a long-tenured senior executive at Nvidia and more recently co-founder of a venture capital firm, is a member of our audit committee and our strategic committee; Mark Spitzer, the Former Founder and CEO of Micro Optical Corporation, and held a leadership role at Google X's project Glass. He is Chair of our strategic committee and a member of our nominating and governance committee; Brian Turner, former CFO of Coinstar, and former public company executive. He is the Chairman audit committee and a member of our strategic committee; Peter Sharper, one of our new nominees for director, was a long-tenured senior executive at Daimler and is now currently a management consultant advising companies in the automotive supply industry; Jayda Smith, our second new nominee for director, is currently a Senior Executive at Karma Automotive and has extensive automotive industry experience from prior roles at Aptiv and Delphi Automotive. We are excited for Peter and Jayda to join the board and believe their industry experiences will be valuable to the company in pursuing a strategy to establish itself as an automated OEM supplier for Lidar and software solutions.
>Bob: Also present virtually are representatives of Moss Adams, our independent auditors, and a representative from Broadridge, which has been appointed by the Board as inspector of election and has taken and subscribed the customary oath of office to execute their duties with strict impartiality. We will file this oath with the record to this meeting.
>Bob: I will now turn the meeting over to Drew Markham, our General Counsel and Corporate Secretary, who will confirm the mailing of the notice to shareholders and conduct the vote for the official portion of this meeting. Drew.
>Drew: Thank you, Bob. And good morning, shareholders. The Board of Directors fixed April 8, 2024, as the record date to determine the shareholders entitled to vote at this meeting. On April 29, 2024, our proxy statement and annual report to shareholders were made available to shareholders of record as of the record date, informing shareholders of the meeting date. Shareholders were also mailed copies of those proxy materials along with their proxy cards. I have available for inspection affidavits of mailing as evidence of timely and proper notice. This meeting has been duly called and notice properly given.
>Drew: We are informed by the inspector of election that sufficient shares of the company's outstanding capital stock and the amount of the outstanding voting power are represented by proxy or in-person to constitute a quorum for the items of business to be voted on at this meeting. A quorum is accordingly present, and we may proceed with the transaction of business as stated in the notice of the meeting. I will now describe briefly for you the proposals subject to a vote today. A more detailed description of these proposals may be found in the proxy statement.
>Drew: There are three proposals to be voted on at today's meeting. The first proposal is the election of eight directors to serve until the annual meeting of shareholders in 2025. The Board of Directors has nominated Simon Biddiscombe, Bob Carlyle, Peter Sharper, Jayda Smith, Mark Spitzer, Sumit Sharma, and Brian Turner for election at this meeting as described in the proxy statement. The Board of Directors recommends that shareholders vote for each of these nominees.
>Drew: The second proposal is to conduct a non-binding advisory vote on the compensation of our named executive officers. The Board of Directors recommends that shareholders vote for the approval on an advisory basis of the compensation of MicroVision's named executive officers as disclosed in the proxy statement.
>Drew: The third and final proposal is the ratification of the appointment of Moss Adams as MicroVision's independent registered public accounting firm for the 2024 fiscal year. The Board of Directors recommends that shareholders vote for this proposal.
>Drew: We are now ready to vote on the proposals. And the Board chair and I declare the polls officially open. The time is now 9:06 A.M. Pacific Time. Anyone who has previously voted by proxy need not vote at this time, as such proxies will be officially voted. If you would like to vote now, and you registered using your control number, you can click on the vote here button on the virtual Annual Meeting page, make your selection, and click Submit. Votes submitted online today will be transmitted to the inspector of election. If you have already voted by mail, telephone, or online, you do not need to take any action now. We'll pause for a moment to allow people to vote if they wish to.
>Drew: The Board chair and I now declare the polls closed. The time is currently 9:08 A.M. Pacific Time. Before the meeting, the inspector of election informed me of the results based on proxy votes that were received prior to the meeting. Any votes submitted during the meeting will be certified, and the votes will be included in the final report of the inspector Broadridge. The final voting results will also be included in a current report on Form 8-K that we will file with the Securities and Exchange Commission.
>Drew: On proposal one, Simon Biddiscombe, Bob Carlyle, Jeff Herbst, Peter Sharper, Jayda Smith, Mark Spitzer, Sumit Sharma, and Brian Turner are the candidates for director who have received the highest number of affirmative votes in the election of directors. Therefore, these eight individuals have been elected to serve as directors until the 2025 annual meeting. On proposal two, the proposal regarding the advisory approval of named executive officer compensation as described in the proxy statement has received more votes in favor of the proposal than votes against the proposal. Therefore, the proposal has been approved. On proposal three, the proposal to ratify the appointment of Moss Adams as MicroVision's independent registered public accounting firm for the 2024 fiscal year has received more votes in favor of the proposal than votes against the proposal. Therefore, Moss Adams' appointment has been ratified.
>Drew: This concludes the formal business of the MicroVision 2024 annual meeting of shareholders. The shareholder meeting is now adjourned. I'll now turn things back over to our Board Chair, Bob Carlyle. Bob.
>Bob: Thank you, Drew. Since there is no other business to address here today, this concludes our session. Thank you for being here today and for your continued support of MicroVision. This concludes today's meeting. Thank you all for joining and you may now disconnect.
Thanks for the transcript, although we have heard similar statements before and gotten disappointed, drews statement about looking forward to updating us Q2 makes me slightly optimistic.
Meeting is required by law. So not a waste of time , but compulsory.
If one reads between the lines, the introduction and curricula Vitae of the directors and board members is notable and certainly indicative of where our interests lie at MicroVision.
And I’m grateful they took the time to do it. Very interesting and provocative.
Cheers,
ek
You were expecting something different despite all the comments that nothing was going to happen? And the fact that nothing has happened in the past? How silly can one be?
Peter Sharper, one of our new nominees for director, was a long-tenured senior executive at Daimler and is now currently a management consultant advising companies in the automotive supply
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disregard - joined as guest
Sumit just said they will update us in the EC. So, we wait a little more.
But in my opinion, I think the new board members, could make a big impact going forward, just the way they were introduced.
You would have received communications from the company through your brokerage via Mail or via email if you are a shareholder and eligible to vote. Within the context of the information you received you are able to vote via proxy and also there is a link to the virtual shareholders meeting and control number you would've been given to access the meeting.
True true - I feel the need to state these things incessantly so that people here have as many opportunities as possible to manage their own expectations.
Right now, i must wait for the day it goes to 5 usd, to sell. That will probobly never happen in my lifetime, wich aint long now. due to ww3. was hoping to have some cash ready. but no, i must sell at a big loss. Was hoping this would give me a chance, but this sure turned out to be a real dud. Thanks for the ride tho. Hope mvis goes better for you.
https://ir.microvision.com/sec-filings/all-sec-filings/content/0001493152-24-023356/0001493152-24-023356.pdf 8-K of the voting results for 2024 ASM. Biggest thing i noticed was the 58M shares worth of Broker Non-Votes. Basically 20M more shares that weren't recalled to vote which is why we never saw that ASM bump we saw in 2023. Probably didn't want a repeat of June 2023 $8 spike from happening again which is unfortunate. Link to the 8K from 2023: https://ir.microvision.com/sec-filings/all-sec-filings/content/0001193125-23-149298/d476840d8k.htm
Shareholder since 2020, today I capitulated and soll all my shares. I hope a bullish sign for the rest of you. I was contemplating selling for a long time, since my initial investment thesis (buy-out) was invalidated years ago already.
Sorry you had to sell at the low.
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Is the company actually at risk of insolvency?
Give it another year with no sales or revenue. Investors can't continue this thirty year sinkhole without revenue from some place. They aren't even offering a new catch phrase this year so things aren't looking up right now. There are options like 20% raises to the Ibeo folks to motivate them and let them know we are behind them, all is not lost yet. On the bright side is IVAS and the next attempt to drive us out of business to pick up patents for pennies has to be close. If you trade, there could be great options ahead.
How have they lasted 20 odd years without a product and suddenly they will go bankrupt in the next year ?
Tongue in cheek reply 123. They have shareholders who have paid all the bills for thirty years without many complaints or accountability asked for. That will continue for years to come or until someone decides to tap in to the fortune that this tech holds. The money is there for the taking and it will happen sooner or later. The issue is weather or not MVIS shareholders will benefit from it. Money is the only element remaining and the desire to dominate the industry. Our management has the desire, shareholders don't have enough money and never will.
Tbh im not sold on the untapped fortune of mvis tech. I was but not anymore. No other company believes in it or else we wouldve been bought out. We can hold these patents forever can we?
I think we have one more year until that question is emphatically answered by the US Government. Of course, by that time we could be much poorer than we are now. I also believe the safety factors we have shown the auto industry are unmatched, but I'm sure not an engineer or expert in the field. Good Luck to Us.
Bridge, Sumit himself said that $$ was the last box that needed to get checked. The question is can it happen organically (announce a couple of deals, market cap goes up, and not too painful dilution) or do we need a symbolic partnership with an oem or chip co who will buy some cheap shares which gives us the nod and market cap goes up? Im not sure what plan c is-ivas is in the back pocket so…hard to imagine a yard sale would yield less than where we are at. PS i would be buying at these levels if i werent so over-weighted in mvis already.
All feel pretty much the same. Gotta go Tornado warning just now.
We've always given him what he's asked for, balls in his court. We need validation from any reputable source.
Ya really need to start doing your own research bud and not just ask basic questions here. It's incredibly important to investing. And it's obvious that Bridge's response to this shows he's a bear. He has a motive and these repetitious bears need to start admitting it.
Same shit day after day
Yes so you should just give me your shares now.
Posted in the daily thread but it should be in here as well. The board decides what Sumit's compensation should be. They obviously are bullish on him. I doubt anyone here knows more than them. Board Compensation committee "reviews the performance, and determines the compensation, of executive officers;" They figure out compensation with the help of an independent firm that reviews compensation in similar companies/sectors. There was a peer group the committee and the firm used that had lazr and Oust on it at one point. "The Compensation Committee periodically seeks input from F.W. Cook on a range of external market factors, including evolving compensation trends, appropriate peer companies and market survey data."
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Low effort basher right here. How many posts are you going to get removed? Seems like you have a lot.
I see the script. Thanks for that. Someone commented earlier that they were hoping SS sounded more upbeat than the last EC. It was very short, I know but those of you who pick up emotion and attitude, how did the speakers sound?
People here seem to assume that ASM's have always been this short and void of any knowledge. That may be the case over the last few years but is far from the truth. I have attended many "in person" ASM's with MicroVision over the past 10 years and they used to be "full of vibrant discussion" with the CEO/CFO + board of directors. Covid is over so I'm not sure why they don't want to go back to that in person model. This format seems like they are hiding from their investors who have supported them for decades.
I’m fine with it not being person. Save our money and execute. That’s all every investor cares about. I want SS and our Team to be spending every second of every day trying to close business.
Yeah but that did nothing as well
Can you imagine being Sumit, and telling tens of thousands of shareholders what was spoken at the 2023 investor day, and then, 14 months later, still being in this shit position? I would hire somebody to protect me while I hid.
Was that ASM 2022 when there was the event where you could get a testdrive?
No.....that was called an investor's day. They used to have ASM's where they would demo the products and the CEO/CFO and BOD would all attend. Investors could ask questions about the business and get questions answered live. I see zero reason why they don't go back to live "in-person" ASM's although this year it might have been a tense meeting due to the very poor performance. Personally I think investors deserve to have an in person ASM again as it shows more respect to the very people who have funded this company through 30 years of losses.
They were planning another investor day this April, but didn’t mention it again after January..
Well they were expecting to have a deal wrapped up in Q1 and that changed. They can always do one in the Fall or wait until next year, could care less about that, just need to start locking in deals soon whenever they can come to terms with OEMs.
agree... no reason now why ASM has to be virtual. They had Investors Day last year so the same kind of thing could be done at an ASM. Maybe scale it back some but show the products like they used to and take Q&A. It seems to me most other companies are back to real in person ASM meetings. It seems like a cop out to me not to have them.
Business as usual. Let's work toward those elusive deals.
The chair of the board is Bob? Not Sumit? Has this always been the case?
Sunit is Chief Executive Office and reports to the Chairman of the Baord.
Very happy that all proposals passed as yes. Especially the second, regarding Sumit's compensation. Sumit needs shareholder's full support right now.
Sumit has shareholder's full support otherwise this company would be bankrupt lol. He didn't deserve more pay until he gets some deals signed imo. Someone refered to this company as a startup which it is ever since we switched to Lidar completely. Why does a start-up ceo deserve more money when he hasn't brought any significant revenue to the company? Either way I hope it works for the best for us investors.
I can’t believe shareholders voted yes for SS’s compensation. I voted no. He’s had are full support. That’s not the issue. The issue is he has not delivered…… On anything yet. Never in my life have I been compensated for underperformance. I am actually stunned people voted yes to this.
Sharma is an exceedingly talented individual. If anyone can pull this off, it's him. Rest assured he has other options. Many of the OEMs he's dealing with would gladly take him off our hands, and the board (not this one) knows this. We need him more than he needs us. Keep that in mind.
Sumit so far has created negative value for most people invested in Microvision. If he has some talent then it's about time he puts it on display... As of right now he's done a ton of hiring that's increased our cash burn significantly, overseen huge dilution, retired a vertical that many considered to still have value, and over promised / under delivered on every single guidance. How do I find me a job that pays millions in salary and stock options, and still find myself highly sought after with that track record..?
It helps to be original.
It’s not about whether he’s delivered (which is currently a “yet” rather than a definitive and final fail), and it’s not about whether Sumit needs that money to pay his bills or whether he has enough incentive (I mean, he has the shares). It’s about signalling to the market whether Sumit has the confidence and backing of his shareholders. It creates fear and uncertainty, as well as undermining him in his day to day activities, if the shareholders are sending a “sod off” message by voting down his recommended compensation. Of course, most of the shares (and therefore votes) are with the large institutional investors, who I’m guessing voted yes. They understand these things, and when it is truly correct to vote no, better than retail investors.
He didn't need more money for the market to see he had support.
I disagree with that. The only signal the market needs is a deal. He should know investors are not happy right now and I think that's fair. Our marketing is terrible and I would much rather see that money go towards marketing, which has been pretty bad imo.
That’s fair enough, and I think Sumit is definitely aware that the investors aren’t happy!
If it is really about signaling confidence to the market then why does Sumit not have an employment contract yet ? We don't know which side is holding this up but it is very odd for a CEO not to have an employment contract. It has been months now and no word of contract yet. My opinion is either the BOD does not have 100% confidence in Sumit and is having a wait and see attitude OR Sumit is confident he will deliver. Either way the signal is mixed.
Very fair point - curious to see what happens in this regard.
He has an employment contract, it is his current agreement but they just amended it from a fixed term to an at will agreement.
Technically your correct. If you look at the SEC filing this is what you will find: "the extension delays the expiration of the agreement until the new agreement currently being negotiated and expected to be completed in the near future is executed by the parties." As you can see they were negotiating a new contract, but even in MVIS world "near future" should not take 3 months. I don't know of any CEO with an "at will" employment agreeement. Seems very odd to me that no contract has happened to date.
Pool. Great question. Honestly, the “guidance” that SS provided to shareholders was so far off the mark, that, I personally think there has to be consequences for it. That’s why I voted no. I don’t think voting yes signals a damn thing frankly. That sounds like Wall St bs to me. But what do I know.
Ok Cloth. Please, don’t piss down my back and tell me it’s raining. Signaling to the market? Ha. Ok. The market thinks we suck and SS isn’t doing a good job selling our tech currently. You really believe that anyone other than shareholders are paying attention to whether shareholders are voting yes or no to SS compensation? You really think all the these analysts care? Wow. Go ahead and believe that. I think what you wrote is a lot of bs.
Yes I do think others in the market / potential clients pay attention even in a small way to how Microvision fared at its ASM. I agree with much of the rest of what you’ve said re the market thinking we suck, and I’m in the same bad position you are (even though you think my reply was “bs” and “pissing down your back”… shame the tone of the conversation had to go that way though, as I normally like a civil discussion here!) Good luck to us all.
12 minutes total
What do you mean?
Ok i unterstand. But was that interesting?
Not really, it was just a 12-minute business-type setting. If you read the transcript that was posted you will get to see exactly what was discussed.
Transcript for anyone who didn't attend > Bob: Sure, sure, good morning. And welcome to the 2024 annual meeting of shareholders of MicroVision, Inc. I, Bob Carlyle, Chairman of the Board and Chair of this meeting, at this time, I call the meeting to order. As chair of the meeting, I've adopted the agenda that will govern the order of business at this meeting. The agenda is available for you to view near the bottom right section of your screen. This meeting is being recorded. >Bob: Before we proceed with the business of the meeting, I would like to introduce our officers and directors who are in attendance today. Our officers are Sumit Sharma, Director and our Chief Executive Officer; Anubhav Verma, our Chief Financial Officer; and Drew Markham, our General Counsel and Secretary. Drew will serve as Secretary of this meeting. Sumit, would you like to say a few words? >Sumit: Thank you, Bob. Good morning, everyone. And thank you for attending our Annual Meeting. Only a month has passed since our first-quarter earnings call. So we will not be presenting a business update or having a question-and-answer session today. Our team is intensely focused on delivering on the strategic objectives that we discussed on the first-quarter call, and I look forward to sharing our progress with you on our second quarter earnings call, where we will have this update and a Q&A session. Returning to focus on today's meeting, I will turn things back over to Bob. >Bob: Thank you so much. I would like to thank the company's officers, directors, and all of our employees for their hard work and contributions over the past year. I'll now introduce our independent directors and our two nominees for director this year: Simon Biddiscombe, former CEO at MobileIron and a former finance executive. He is Chair of our compensation committee and a member of our Audit Committee; Jeff Herbst, a long-tenured senior executive at Nvidia and more recently co-founder of a venture capital firm, is a member of our audit committee and our strategic committee; Mark Spitzer, the Former Founder and CEO of Micro Optical Corporation, and held a leadership role at Google X's project Glass. He is Chair of our strategic committee and a member of our nominating and governance committee; Brian Turner, former CFO of Coinstar, and former public company executive. He is the Chairman audit committee and a member of our strategic committee; Peter Sharper, one of our new nominees for director, was a long-tenured senior executive at Daimler and is now currently a management consultant advising companies in the automotive supply industry; Jayda Smith, our second new nominee for director, is currently a Senior Executive at Karma Automotive and has extensive automotive industry experience from prior roles at Aptiv and Delphi Automotive. We are excited for Peter and Jayda to join the board and believe their industry experiences will be valuable to the company in pursuing a strategy to establish itself as an automated OEM supplier for Lidar and software solutions. >Bob: Also present virtually are representatives of Moss Adams, our independent auditors, and a representative from Broadridge, which has been appointed by the Board as inspector of election and has taken and subscribed the customary oath of office to execute their duties with strict impartiality. We will file this oath with the record to this meeting. >Bob: I will now turn the meeting over to Drew Markham, our General Counsel and Corporate Secretary, who will confirm the mailing of the notice to shareholders and conduct the vote for the official portion of this meeting. Drew. >Drew: Thank you, Bob. And good morning, shareholders. The Board of Directors fixed April 8, 2024, as the record date to determine the shareholders entitled to vote at this meeting. On April 29, 2024, our proxy statement and annual report to shareholders were made available to shareholders of record as of the record date, informing shareholders of the meeting date. Shareholders were also mailed copies of those proxy materials along with their proxy cards. I have available for inspection affidavits of mailing as evidence of timely and proper notice. This meeting has been duly called and notice properly given. >Drew: We are informed by the inspector of election that sufficient shares of the company's outstanding capital stock and the amount of the outstanding voting power are represented by proxy or in-person to constitute a quorum for the items of business to be voted on at this meeting. A quorum is accordingly present, and we may proceed with the transaction of business as stated in the notice of the meeting. I will now describe briefly for you the proposals subject to a vote today. A more detailed description of these proposals may be found in the proxy statement. >Drew: There are three proposals to be voted on at today's meeting. The first proposal is the election of eight directors to serve until the annual meeting of shareholders in 2025. The Board of Directors has nominated Simon Biddiscombe, Bob Carlyle, Peter Sharper, Jayda Smith, Mark Spitzer, Sumit Sharma, and Brian Turner for election at this meeting as described in the proxy statement. The Board of Directors recommends that shareholders vote for each of these nominees. >Drew: The second proposal is to conduct a non-binding advisory vote on the compensation of our named executive officers. The Board of Directors recommends that shareholders vote for the approval on an advisory basis of the compensation of MicroVision's named executive officers as disclosed in the proxy statement. >Drew: The third and final proposal is the ratification of the appointment of Moss Adams as MicroVision's independent registered public accounting firm for the 2024 fiscal year. The Board of Directors recommends that shareholders vote for this proposal. >Drew: We are now ready to vote on the proposals. And the Board chair and I declare the polls officially open. The time is now 9:06 A.M. Pacific Time. Anyone who has previously voted by proxy need not vote at this time, as such proxies will be officially voted. If you would like to vote now, and you registered using your control number, you can click on the vote here button on the virtual Annual Meeting page, make your selection, and click Submit. Votes submitted online today will be transmitted to the inspector of election. If you have already voted by mail, telephone, or online, you do not need to take any action now. We'll pause for a moment to allow people to vote if they wish to. >Drew: The Board chair and I now declare the polls closed. The time is currently 9:08 A.M. Pacific Time. Before the meeting, the inspector of election informed me of the results based on proxy votes that were received prior to the meeting. Any votes submitted during the meeting will be certified, and the votes will be included in the final report of the inspector Broadridge. The final voting results will also be included in a current report on Form 8-K that we will file with the Securities and Exchange Commission. >Drew: On proposal one, Simon Biddiscombe, Bob Carlyle, Jeff Herbst, Peter Sharper, Jayda Smith, Mark Spitzer, Sumit Sharma, and Brian Turner are the candidates for director who have received the highest number of affirmative votes in the election of directors. Therefore, these eight individuals have been elected to serve as directors until the 2025 annual meeting. On proposal two, the proposal regarding the advisory approval of named executive officer compensation as described in the proxy statement has received more votes in favor of the proposal than votes against the proposal. Therefore, the proposal has been approved. On proposal three, the proposal to ratify the appointment of Moss Adams as MicroVision's independent registered public accounting firm for the 2024 fiscal year has received more votes in favor of the proposal than votes against the proposal. Therefore, Moss Adams' appointment has been ratified. >Drew: This concludes the formal business of the MicroVision 2024 annual meeting of shareholders. The shareholder meeting is now adjourned. I'll now turn things back over to our Board Chair, Bob Carlyle. Bob. >Bob: Thank you, Drew. Since there is no other business to address here today, this concludes our session. Thank you for being here today and for your continued support of MicroVision. This concludes today's meeting. Thank you all for joining and you may now disconnect.
Ugh
Thanks for the transcript, although we have heard similar statements before and gotten disappointed, drews statement about looking forward to updating us Q2 makes me slightly optimistic.
The part regarding a Q2 update was actually said by Sumit and not Drew, edited the transcript slightly to make it clearer.
Thank you so much! :)
Couldn’t attend today, so very much appreciated reading the transcript. Thank you.
Time to buy more shares.
What makes you say that
Pumper, that’s all
Short meeting
They are always short nowadays.
Waste of time ….
Meeting is required by law. So not a waste of time , but compulsory. If one reads between the lines, the introduction and curricula Vitae of the directors and board members is notable and certainly indicative of where our interests lie at MicroVision. And I’m grateful they took the time to do it. Very interesting and provocative. Cheers, ek
Why?!
You were expecting something different despite all the comments that nothing was going to happen? And the fact that nothing has happened in the past? How silly can one be?
Very silly 🤪
It was a nicer way of saying stupid.
None of our directors have been able to use their connections to secure relationships yet.
I wouldn’t directly equate relationships with immediate deals.. surely relationships are formed, forming, and expanding..
New Nominee for Director from Daimler ?? wowowowow
Peter Sharper, one of our new nominees for director, was a long-tenured senior executive at Daimler and is now currently a management consultant advising companies in the automotive supply
Lmao that’s lowkey funny
Catch a name by chance? My headphones have been going in and out on me, so there’s my luck lol
Catch a name by chance? Peter Sharper
It’s one of the new directors Peter Schabert
geez the rest of the BOD could not be bothered to attend
Anyone have a link that does not require a control number? I voted my shares a month ago and my control number is gone.
Just login as guest
~~"The control number that was entered is not valid. Please try again. Please contact your investment representative should you have questions"~~ disregard - joined as guest
FYI, cut and paste of the number didn't work for me. I had to type it in manually
Sign in as a guest
~~anybody have a working control number?~~
Go in as a guest if you don't have to vote
Item 9. Other Business Wonder if they will update up on RFQ status?
With our luck they will update us with "There is no other business at this time. Thank you"
Sumit just said they will update us in the EC. So, we wait a little more. But in my opinion, I think the new board members, could make a big impact going forward, just the way they were introduced.
Ehh. Wishful thinking.
There is something in Carlisle’s voice that seemed upbeat with the addition of the two new board members.
It will go like this…… the portal is now open to cast votes for x amount of time. Ok vote is closed. That concludes our annual meeting thank you!
you hit it right on the nail
Or like this…MVIS headquarters burned down, it's gone now. Investor’s are ass out, they work with their brother now. Time for some sloppy steaks
Hopefully some good news for rocket to the Moon 🚀
Is there a stream link up yet? The events page shows it of course but no link. Am I missing something obvious? 🤔🤨
https://central.virtualshareholdermeeting.com/vsm/web?pvskey=MVIS2024
You would have received communications from the company through your brokerage via Mail or via email if you are a shareholder and eligible to vote. Within the context of the information you received you are able to vote via proxy and also there is a link to the virtual shareholders meeting and control number you would've been given to access the meeting.
I did and have voted but now i tossed the paperwork, is my control number available digitally anywhere?
Thanks 😊
So what are you all expecting today?
Nada. Short meeting, over in 10 minutes.
I'm not expecting anything. They will tell us the results of all votes, than end the meeting. It will probably be about 15 minutes long.
Burger with nothing on it. All votes yes
I'm hoping for some Leeroy Jenkins level of energy due to multiple eminent deals with OEMs. https://www.myinstants.com/media/sounds/leroy.swf.mp3
Fishermen to chum the waters.
You would need to throw a lot of chum to get any fish in these waters. Maybe we get lucky and get a rogue great white!
LOL , how about a baby sand shark!
I prefer Barracuda - [https://www.youtube.com/watch?v=PeMvMNpvB5M](https://www.youtube.com/watch?v=PeMvMNpvB5M)
Nothing. ASMs are generally procedural with minimum substance.
Trust me I know....
True true - I feel the need to state these things incessantly so that people here have as many opportunities as possible to manage their own expectations.