$FLEX · FLEX LTD.
Flex held an Extraordinary General Meeting on November 2, 2026, where 312,465,705 of 369,460,443 outstanding shares (84.57%) were voted. Shareholders approved all three proposals: a one-for-one bonus share issuance tied to the Axiom Solutions distribution, a court-approved capital reduction to distribute 88.0% to 94.0% of Axiom Solutions common stock in specie, and $50,000 additional annual cash compensation for the Lead Independent Director.
- Proposal 1 (bonus share issuance) passed 310,323,729 for vs 213,425 against.
- Proposal 2 (capital reduction for Axiom distribution) passed 310,236,918 for vs 326,300 against.
- Proposal 3 (Lead Independent Director pay) passed 309,967,621 for vs 392,044 against.
- 84.57% of outstanding shares were represented, satisfying quorum.
- Distribution covers approximately 88.0% to 94.0% of Axiom Solutions International common stock.
Shares closed down 13.61% to $66.73, but extended-hours trading rebounded to $71.15, up 6.62% from the regular close, suggesting the spin-off approval was received favorably after hours.
Shareholder approval clears the final governance hurdle for Flex's planned separation of its cloud and power infrastructure business.
The separation of Flex's cloud and power infrastructure business mirrors broader industry moves to unlock value in high-growth data center and power segments.
The capital reduction requires Singapore court approval under Section 78G of the Companies Act, and the Record Date has not yet been set.