Alliance Entertainment Holding Corporation has announced its plans to hold the 2024 Annual Meeting of Stockholders on November 7, 2024. The record date for stockholders eligible to vote at the meeting is set for the close of business on September 23, 2024. The company, which did not hold an Annual Meeting in 2023, is now providing deadlines for stockholder proposals and director nominations for the upcoming meeting.
Stockholder proposals for inclusion in the company’s proxy materials must be received by September 23, 2024. This deadline is in line with the company's schedule to begin printing and distributing proxy materials by October 1, 2024. Proposals must adhere to Rule 14a-8 of the Securities Exchange Act of 1934, which includes guidelines on the subject matter and necessary documentation.
For stockholders intending to present director nominations or other proposals at the meeting, the submissions must also be delivered by September 23, 2024.
Additionally, stockholders planning to solicit proxies for director nominees other than the company's nominees must comply with the universal proxy rules. They are required to provide notice containing specific information by May 30, 2024, which is 60 days before the annual meeting date.
The company, based in Plantation, Florida, trades on The Nasdaq Stock Market LLC under the symbols AENT for its Class A common stock and AENTW for its redeemable warrants.
Alliance Entertainment Holding Corporation operates in the wholesale distribution of durable goods sector and has undergone a series of name changes, with the most recent being from Adara Acquisition Corp. to its current name on February 8, 2023.
In other recent news, Alliance Entertainment Holding Corporation, a global distributor of entertainment products, reported a 7.3% fall in net revenues to $211 million in its third-quarter fiscal results for 2024, even though gross profit rose by 2.5% to $28 million. The company has also managed to reduce its net loss to $3.4 million, marking a $4.4 million enhancement from the previous year.
In addition to financial updates, Alliance Entertainment announced an exclusive distribution agreement with Arcade1Up, a leader in home arcade consoles. This deal focuses on retail and website fulfillment across North America, with Arcade1Up's sales through Alliance Entertainment exceeding $74 million for the fiscal year ending June 30, 2024.
However, the company is facing potential delisting from The Nasdaq Stock Market due to not holding its annual meeting by the required deadline.
Alliance Entertainment has submitted a compliance plan and intends to convene its annual shareholder meeting by the extended deadline to resolve the issue.
InvestingPro Insights
As Alliance Entertainment Holding Corporation gears up for its 2024 Annual Meeting of Stockholders, investors may be assessing the company's performance and outlook. According to real-time data from InvestingPro, the company's Market Cap stands at a modest $91.18 million. Despite the challenges indicated by a negative P/E Ratio of -49.1, analysts on InvestingPro predict the company will turn profitable this year, which could be a pivotal point for investor confidence. Additionally, the company's stock has experienced substantial price volatility, with a significant price drop of over 51% in the last three months, yet it has managed a year-to-date price total return of an impressive 92.85%.
InvestingPro Tips suggest that while Alliance Entertainment suffers from weak gross profit margins, currently at 11.9%, it is trading at a low revenue valuation multiple, which could present a value opportunity for investors. The company's lack of dividend payments might be a consideration for income-focused shareholders, but this is often the case with firms focused on reinvesting earnings into growth. For those interested in deeper analysis, there are additional InvestingPro Tips available on the platform, providing further insight into Alliance Entertainment's financial health and market position.
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