Espressif Systems approves restricted stock vesting, details capital use

Espressif Systems announced that the first vesting period of its 2024 Restricted Stock Incentive Plan (Reserved Grant Portion) has met its conditions, with 16,309 restricted shares approved for vesting. These shares, granted on October 23, 2024, at 24.57 yuan per share (adjusted from 35 yuan due to a prior equity distribution), will be acquired by eight key technical personnel. The company's 2024 operating income of 2,006,919,700 yuan exceeded its target, leading to a 100% vesting ratio for the company level, and all eight incentivized individuals achieved a "B+" or higher performance rating.

The company also reported on the use of proceeds from a specific issuance of A-shares, raising a net amount of 1,765,819,289.88 yuan. Espressif Systems approved the use of 42,841,640 yuan of raised capital to replace self-funded investments in its Shanghai R&D Center construction project. Additionally, 1,597,200 yuan of raised capital will replace self-funded payments for issuance expenses, aligning with regulatory requirements for capital replacement within six months of funds being received.