DEF: Clean Energy Technologies to Hold Combined 2024 and 2025 Annual Meeting of Stockholders

Clean Energy Technologies, Inc. announces its combined 2024 and 2025 annual meeting of stockholders to be held virtually on April 30, 2025, to elect directors, ratify the appointment of its accounting firm, and conduct an advisory vote on executive compensation.

Summary

• Clean Energy Technologies, Inc. will hold a combined 2024 and 2025 annual meeting of stockholders on April 30, 2025.
• The meeting will be held virtually at 10:00 a.m. Pacific Time, following registration at a specified website.
• Stockholders of record as of April 2, 2025, are eligible to vote.
• The agenda includes the election of five directors, ratification of TAAD LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and a non-binding advisory vote on executive compensation.
• The company is using the internet as the primary means of furnishing proxy materials to stockholders.
• Stockholders can access proxy materials online or request printed copies.
• The Board of Directors recommends voting 'FOR' all director nominees, the ratification of TAAD, and the approval of executive compensation.

Sentiment

Score: 6

Explanation: The document is neutral to slightly positive. It outlines standard corporate governance procedures and proposals for the annual meeting. However, the company's recent net losses and the lender default introduce some negative sentiment.

Positives

• The company is providing stockholders with multiple avenues to access proxy materials and vote, including online, telephone, and mail.
• The Board of Directors is actively engaged in overseeing the company's strategic risks and compensation programs.
• The Audit Committee includes independent members and a financial expert.
• The company has a code of ethics applicable to all directors, officers, and employees.

Negatives

• The company did not hold an annual meeting last year, necessitating a combined meeting this year.
• The company reported net losses of $(4,416,319) in 2024 and $(5,659,723) in 2023.
• One of the lenders for the VRG project is currently in default and has been served notice of default.

Risks

• The advisory vote on executive compensation is non-binding, meaning the Board is not obligated to act on the outcome.
• The company's future performance is subject to various business and financial risks.
• The potential for dilution exists due to the possible conversion of Series E Preferred Stock and the loan agreement with FPM Development LLC and Evergreen Credit Facility I LLP.
• The company is subject to risks associated with related party transactions, such as the agreement with VRG.

Future Outlook

The company intends to provide stockholders with the opportunity to cast an advisory vote on executive compensation every year in the future.

Management Comments

• The persons named in the form of proxy (Kambiz Mahdi and Calvin Pang) have advised that they will vote all shares represented by proxy unless authority to so vote is withheld by the stockholder granting the proxy.
• The Board of Directors recommends you vote 'FOR' each of the nominees to our Board of Directors; FOR the ratification of the appointment of TAAD as our independent registered public accounting firm for the fiscal year ending December 31, 2025; and 'FOR' approval of the compensation of our named executive officers.

Industry Context

The company operates in the clean energy sector, which is experiencing growing interest and investment, as reflected in Mr. Hsu's coverage of companies in the renewable energy sector at Preferred Bank.

Comparison to Industry Standards

• The document does not provide enough information to make a detailed comparison to industry standards.
• To assess the company's performance against industry benchmarks, one would need to compare its financial metrics (e.g., revenue growth, profitability) with those of its peers.
• Comparable companies in the clean energy technology sector could include firms like FuelCell Energy, Ballard Power Systems, or Bloom Energy, depending on the specific technologies and markets in which Clean Energy Technologies operates.
• Benchmarking against these companies would require a deeper dive into their financial reports and operational data.

Related Party Transactions

• CETY Renewables executed a turnkey agreement with VRG for the design, construction, and delivery of an organics-to-energy plant.
• CETY invoiced VRG $801,086 in 2023 and $110,517 in 2024.
• CETY Renewables has $1,556,531 in accounts receivable from VRG.
• JHJ, SSET and Chengdu Xiangyueheng Enterprise Management Co., Ltd entered into a three-party Concerted Action Agreement (the CAA ), wherein the parties agreed to vote in unison at the shareholders meeting of Shuya to consolidate the controlling position of the three parties in Shuya.

Stakeholder Impact

• Shareholders will be able to vote on key company decisions.
• Employees may be affected by the company's financial performance and strategic direction.
• The company's performance and decisions may impact its relationships with customers and suppliers.

Next Steps

• Stockholders need to vote on the proposals outlined in the proxy statement.
• The company will hold the annual meeting on April 30, 2025.
• The company will file a report on Form 8-K with the SEC to announce the final voting results.

Key Dates

Keywords

annual meeting, proxy statement, directors, executive compensation, TAAD LLP, stockholders, corporate governance, Clean Energy Technologies