Monolithic Power Systems Announces Results of the Annual Meeting of Stockholders and Second Quarter Dividend

Rhea-AI Summary

Monolithic Power Systems (Nasdaq: MPWR) held its 2020 Annual Meeting of Stockholders on June 11, where stockholders re-elected two directors with 73% and 59% support. The appointment of the independent accounting firm was ratified with 100% approval. Additionally, 98% of votes supported executive compensation for 2019, and 70% approved the amendment of the 2014 Equity Incentive Plan. MPS announced a second quarter dividend of $0.50 per share for stockholders of record by June 30, to be paid on July 15, 2020.

Positive

• Re-election of directors with significant majority votes (73% and 59%).
• 100% approval for the appointment of independent accounting firm.
• 98% approval for executive compensation.
• 70% approval for amending the 2014 Equity Incentive Plan.
• Dividend of $0.50 per share demonstrates commitment to shareholders.

Negative

• None.

 KIRKLAND, Wash., June 11, 2020 (GLOBE NEWSWIRE) -- Monolithic Power Systems (MPS) (Nasdaq: MPWR), a leading company in high performance analog solutions, today announced the final results of the 2020 Annual Meeting of Stockholders held on June 11, 2020 (the “Annual Meeting”). Stockholders re-elected the two director nominees with 73% and 59% of the votes cast for their election, ratified the appointment of MPS’s independent registered public accounting firm for 2020 with 100% of the votes cast for ratification, approved the 2019 compensation of executive officers with 98% of the votes cast for approval, and approved the amendment and restatement of the Amended Monolithic Power Systems, Inc. 2014 Equity Incentive Plan with 70% of the votes cast for approval.

“On behalf of the Board and management, I sincerely thank our stockholders for their support for our proposals,” said Michael Hsing, CEO and founder of MPS.

Second Quarter Dividend

MPS also announced today its second quarter dividend of $0.50 per common share to all stockholders of record as of the close of business on June 30, 2020. The dividend will be paid on July 15, 2020.

Safe Harbor Statement

This news release includes “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current expectations, estimates and projections about our business and industry, management's beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “forecasts,” “intends,” “believes,” “plans,” “may,” “will,” or “continue,” and similar expressions and variations or negatives of these words. All such statements are subject to certain risks, assumptions and uncertainties, including those described in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those projected, and may affect our future operating results, financial position and cash flows. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, MPS does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the initial distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

About Monolithic Power Systems, Inc.

Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael Hsing in 1997 and is based in the United States. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world. 

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Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.

Bernie Blegen
Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
investors@monolithicpower.com

FAQ

What is the dividend amount announced by MPWR for the second quarter of 2020?

Monolithic Power Systems announced a dividend of $0.50 per common share.

When will the second quarter dividend for MPWR be paid?

The second quarter dividend will be paid on July 15, 2020.

Who were re-elected as directors during the MPWR Annual Meeting?

Two director nominees were re-elected with 73% and 59% of the votes cast.

What percentage of stockholders approved executive officer compensation for 2019 at MPWR?

98% of the votes cast approved the 2019 compensation of executive officers.

What was the outcome of the MPWR's independent accounting firm appointment?

The appointment was ratified with 100% of the votes cast.