Beam Global Introduces Innovative Governance Model for Equity Oversight
July 01 2021 - 8:00AM
Beam Global, (Nasdaq: BEEM, BEEMW), the leading provider of
innovative sustainable technology for electric vehicle (EV)
charging, outdoor media and energy security, announced that it has
instituted a new equity oversight governance model at the board
level. The company has created an independent Equity Oversight
Committee (EOC) within the Board of Directors to assess all future
uses of equity.
The EOC is comprised of a committee of independent board members
chaired by Nancy Floyd. Nancy Floyd is also currently the chair of
the Audit Committee and has over three decades of governance,
financial and M&A experience. The EOC’s mandate is to consider
any uses of equity proposed by management or members of the board.
The EOC is made up entirely of independent board members and will
have authority over whether or not a proposed use of equity is
submitted to the full board for a vote. This new and innovative
governance mechanism ensures that only uses of equity which have
been vetted by the independent EOC can pass to the full board for a
vote for approval or denial.
“After three decades and dozens of transactions ranging in value
from hundreds of millions, to billions of dollars, I have learned
that careful and diligent vetting of opportunities, by an
independent body, yields the best results,” said Nancy Floyd, Beam
Global board member and chair of the Audit and Equity Oversight
Committees. “Beam is the first company I have been involved with
that has put in place an official process which ensures only the
most thoroughly and independently reviewed opportunities make it to
the board for consideration and a vote. I’m thrilled to be a part
of this mechanism which shows such a high regard for shareholder
equity.”
“Beam is an innovation company. We create innovative clean
technology products and equally innovative business models like our
Driving on Sunshine transaction-less fueling. Now we are innovating
at the board governance level by introducing new methodologies to
ensure that our shareholder equity is used in the most effective
and well-thought-out manners,” said Beam Global CEO and Chairman,
Desmond Wheatley. “We intend to grow Beam aggressively which might,
from time to time, mean acquisitions or other inorganic strategies
in which we may consider using our shares as currency. The EOC will
ensure that rigorous testing of our models and assumptions is
carried out before any use of equity can be considered by the full
board. I am proud of our management team and board of directors for
initiating this important new step, with the goal of maximizing
value for our shareholders, and look forward to seeing other
companies take similar steps.”
About Beam GlobalBeam Global is a CleanTech
leader that produces innovative, sustainable technology for
electric vehicle (EV) charging, outdoor media, and energy security,
without the construction, disruption, risks and costs of grid-tied
solutions. Products include the patented EV ARC™ and Solar Tree®
lines with BeamTrak™ patented solar tracking, and ARC Technology™
energy storage, along with EV charging, outdoor media and disaster
preparedness packages.
The company develops, patents, designs, engineers and
manufactures unique and advanced renewably energized products that
save customers time and money, help the environment, empower
communities and keep people moving. Based in San Diego, the company
produces Made in America products. Beam Global is listed on Nasdaq
under the symbols BEEM and BEEMW (formerly Envision Solar, EVSI,
EVSIW). For more information visit https://BeamForAll.com/,
LinkedIn, YouTube and Twitter.
Forward-Looking Statements This Beam
Global Press Release may contain forward-looking statements. All
statements in this Press Release other than statements of
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Media ContactNext PR+1
813-526-1195Press@BeamForAll.com
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