On Thursday, Addentax Group Corp. (NASDAQ:ATXG), a company specializing in mailing, reproduction, commercial art, and photography services, concluded its 2024 Annual Meeting of Stockholders with several significant decisions ratified. The meeting led to the election of the company's director nominees, the approval of the 2024 Equity Incentive Plan, the green light for a potential reverse stock split, and the ratification of the company's independent auditor.
The director nominees, including Hong Zhida, Hong Zhiwang, Yu Jiaxin, Alex P. Hamilton, and Xiao Jiangping (Gary), were elected with an overwhelming majority, each securing over 98% of the votes cast. In particular, Hong Zhida and Hong Zhiwang both received 98.52% approval from the voted shares, while Yu Jiaxin had a slightly higher approval at 98.95%.
Stockholders also showed strong support for the 2024 Equity Incentive Plan, designed to provide equity-based incentives to employees and directors, which passed with 98.42% of the votes cast in favor.
Additionally, the company received authorization to implement a reverse stock split by a ratio of not less than one-for-two and not more than one-for-one hundred, at the discretion of the Board of Directors. This received a 93.17% approval from the voted shares, indicating a significant endorsement from the shareholders.
The appointment of Pan-China Singapore PAC as the company’s independent registered public accounting firm for the fiscal year 2024 was ratified with 95.67% of the votes in favor, ensuring the firm will continue its role for the upcoming year.
These decisions, made during the Annual Meeting, reflect the shareholders' confidence in the company's leadership and strategic initiatives. The meeting's outcomes are expected to influence the company's governance and operational strategies moving forward.
In other recent news, Addentax Group Corp reported significant developments. The company secured $646,800 through private placement agreements with two independent investors. This deal involves the sale of 330,000 shares of common stock to each investor at $0.98 per share. It's important to note that the sale of these securities will align with the Securities Act of 1933, and the company has issued a prospectus that meets the requirements of the Act.
In another development, Addentax received a Nasdaq non-compliance notice due to the delay in conducting its annual shareholder meeting, which is a requirement of Nasdaq Listing Rule 5620(a). The company now has 45 days to submit a plan to regain compliance. If Nasdaq accepts this plan, Addentax could be granted an extension of up to 180 days from the fiscal year-end to meet the listing requirement. The company intends to schedule the overdue annual meeting of stockholders as part of its compliance plan. These are recent developments regarding Addentax Group Corp.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.