Business
KWESST Announces Results of 2023 Annual General and Special Meeting of Shareholders, Appoints Interim CFO and Provides Business Update
Ottawa, Ontario--(Newsfile Corp. - April 3, 2023) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASD...
About this update from Defsec Technologies Inc.
[{"type":"text","content":"KWESST Announces Results of 2023 Annual General and Special Meeting of Shareholders, Appoints Interim CFO and Provides Business UpdateOttawa, Ontario--(Newsfile Corp. - April 3, 2023) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (FSE: 62UA) (\"the Company\" or \"KWESST\"), a developer of next-generation tactical systems for military, security, and personal defense markets, is pleased to report the results of its 2023 Annual General and Special Meeting of shareholders (\"AGM\"), held virtually on Friday, March 31, 2023, to announce the appointment of an Interim CFO and to provide a business update. All amounts in Canadian dollars (\"CAD\").Results of Shareholder MeetingShareholders approved all the resolutions detailed in the management information circular of the Company dated February 13, 2023 (the \"Circular\"), namely:To set the number of Directors at five;Electing all the nominees to the Board of Directors of the Company;Re-appointing KPMG LLP as auditor of the Company for the ensuing year and authorizing the directors to determine the auditor's compensation;Approving the renewal of the Company's Long Term Incentive Plan (\"LTIP\");Approving the amendment to the Company's LTIP to increase the number of Stock Units (as defined in the Circular) from 60,682 to 407,274 Stock Units (approved by disinterested shareholders); andApproving the revised exercise price of 53,049 stock options held by directors, executive officers, employees and consultants of KWESST, as listed in the Circular, to set the exercise price of these options based on the Company's closing stock price on the TSX-V on March 31, 2023 ($3.60) (approved by disinterested shareholders).The Circular is available under KWESST's profile on SEDAR at www.sedar.com as well as on the Company's website under \"Investors.\"Business UpdateKWESST is pleased to report on highlights of recent progress in the business and the current outlook for 2023 following an intensive period of business development activities.In addition to modest existing orders to date for 2023, the Company currently has visibility on potential new orders this year, including: A multi-year defense contract with a further multi-year option for sensitive digitization and software work for a NATO military customer under a joint venture with two major defense contractors. If successful...