BigBear.ai (NYSE: BBAI) stock fell about 7% in regular trading on Monday after shareholders approved the issuance of new shares. The decision followed a reconvened special meeting of stockholders, which was initially adjourned on March 31, 2025, due to a lack of quorum.
Shareholders voted in favor of new common stock issuance to facilitate the conversion of the company’s 6.00% Convertible Senior Secured Notes due in 2029. The approval also includes issuing stock in lieu of cash interest payments on these notes. Of the shares represented at the meeting, 93,541,244 votes were cast in favor of the issuance, 3,748,875 against, and 623,085 abstained.
In addition, shareholders authorized the adjournment of the special meeting, if necessary, to solicit more proxies. However, this was not required as the first proposal passed successfully. The second proposal received 94,397,954 votes in favor, 2,550,889 against, and 964,361 abstentions.
These approvals enable BigBear.ai to proceed with its financial strategies as outlined in its definitive Proxy Statement filed with the SEC on March 13, 2025. The decision is a step toward ensuring compliance with the NYSE Listed Company Manual’s section 312.03.
In other recent news, BigBear.ai (NYSE: BBAI) announced a delay in filing its 2024 Annual Report on Form 10-K, citing the need to reevaluate the accounting treatment of its convertible notes. This delay requires a restatement of financial statements for 2022 and 2023, raising concerns about the company’s accounting practices.
Meanwhile, the company secured a $13.2 million contract with the U.S. Department of Defense to enhance its ORION Decision Support Platform, marking a significant milestone in the defense sector.
Mary Lee is a freelance writer and journalist based in Toronto, Canada. She holds an M.S. degree in business and economic journalism from Columbia University’s Graduate School of Journalism in New York and a certificate in digital marketing from the University of Toronto. Read Full Bio
