SEVCON, INC. (NASDAQ:SEV) Files An 8-K Regulation FD DisclosureItem 7.01
On December 24, 2016, the Board of Directors of Sevcon, Inc. voted to propose to the stockholders at the 2017 Annual Meeting of Stockholders to be held on February 7, 2017, that Sevcon’s certificate of incorporation be amended to fully declassify the Board of Directors so that, beginning with the 2017 Annual Meeting, all directors shall be elected annually to one-year terms.
In order to accommodate stockholders who may wish to submit nominations for director in light of the proposed change, on December 24, 2017, the Company extended the deadline provided in the Company’s by-laws for stockholders to make nominations of directors for the 2017 Annual Meeting of Stockholders to 12:00 noon EST on January 3, 2017. Such extension is conditional so that any nominations submitted during the extension period will be considered to have complied with the by-law deadline for nominations only if the proposed charter amendment to declassify the Board of Directors is adopted at the 2017 Annual Meeting and, if it is not adopted, any new candidate nominated after the original deadline of December 19, 2016, would not be eligible for election.
About SEVCON, INC. (NASDAQ:SEV)
Sevcon, Inc. designs and sells motor controllers for zero emission electric and hybrid vehicles (EVs), under the Sevcon name. The Company operates through two segments: electronic controls and capacitors. The electronic controls segment produces microprocessor-based control systems for zero emission and hybrid electric vehicles. The capacitor segment produces metalized film capacitors for sale to electronic equipment manufacturers. Its controls are used to vary the speed and movement of vehicles. The Company’s customers are manufacturers of on and off-road vehicles, including cars, trucks, buses, motorcycles, fork lift trucks, aerial lifts, mining vehicles, airport tractors and other electrically powered vehicles. Its products and accessories for two wheel pure EVs, four wheel pure EVs, hybrid vehicles and industrial electric vehicles include alternating current (AC) controllers, direct current (DC) controllers, battery chargers, DC/DC converters, displays and power steering. SEVCON, INC. (NASDAQ:SEV) Recent Trading Information
SEVCON, INC. (NASDAQ:SEV) closed its last trading session 00.00 at 8.53 with 3,879 shares trading hands.