BM Technologies, Inc. (NYSE American: BMTX), a state commercial bank, announced the results of its annual meeting held on Thursday, June 20, 2024. The company, formerly known as Megalith Financial Acquisition Corp, confirmed the election of its board directors and the ratification of its independent auditor.
During the virtual annual meeting, stockholders elected John Dolan and Aaron Hodari as Class I directors, who will serve until the 2027 Annual Meeting. Moreover, Michael Pavone was elected as a Class II director, with a term expiring at the 2025 Annual Meeting.
The vote counts were as follows: John Dolan received 2,397,415 votes for and 649,640 withheld; Aaron Hodari garnered 2,369,416 votes for and 677,639 withheld; and Michael Pavone had 2,810,643 votes for and 236,412 withheld. All three faced a significant number of broker non-votes, which totaled 3,857,431 for each candidate.
Furthermore, the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by the stockholders, with 6,559,223 votes for, 37,587 against, and 307,676 abstentions.
The company, headquartered in Wayne, Pennsylvania, and incorporated in Delaware, provided these updates in a filing with the Securities and Exchange Commission. The annual meeting decisions are detailed in the definitive proxy statement filed on April 29, 2024.
BM Technologies operates under the leadership of Chief Financial Officer Ajay Asija, as per the signing of the SEC document. The meeting outcomes are expected to guide the company's governance and financial oversight for the upcoming year. The information provided here is based on the company's recent SEC filing.
In other recent news, BM Technologies has reported a robust growth in the first quarter of 2024, marking a 21% increase in revenue compared to the same period last year. The company also achieved a positive core EBITDA of $1.4 million, reflecting a significant improvement from the previous year. These developments are attributed to successful strategic initiatives, including a transition to a new partner bank with variable rate deposit pricing and a cost reduction plan.
BM Technologies also launched new mobile and web experiences for BankMobile Vibe customers and an Identity Verification Service product for universities. The company retained 99% of its higher education and institutional clients, processing over $4.3 billion in student financial aid refund disbursements.
In addition to these recent developments, BM Technologies plans to continue its growth trajectory by focusing on its higher education business and customer for life strategy. The company anticipates positive core EBITDA for the entire year of 2024. New product launches and personalized marketing strategies are expected to drive further growth. The company's executives also discussed growth strategies, including micropersonalization and peer-to-peer payment features.
InvestingPro Insights
BM Technologies, Inc. (BMTX) has been navigating a challenging financial landscape, as indicated by the recent real-time data from InvestingPro. The company's market capitalization stands at a modest $27.72 million, reflecting the impact of its significant price volatility and the recent downturn in stock value.
The InvestingPro Tips highlight that BMTX is not expected to be profitable this year, with a negative P/E ratio of -2.71 over the last twelve months as of Q1 2024. Additionally, the stock has experienced a sharp decline of 24.63% over the past week, yet it has managed a strong return of 51.18% over the last three months, suggesting a potential rebound or short-term investor interest.
On the operational side, BM Technologies has reported a gross profit margin of 54.69%, a figure that stands out despite a revenue decrease of 19.27% over the same period. The company's price/book ratio is currently at 1.0, indicating that the stock is trading at a value roughly equivalent to its book value. As investors consider the future of BMTX, it is worth noting that the company does not pay a dividend, which may influence investment decisions for those seeking regular income streams.
For investors seeking more in-depth analysis, there are additional InvestingPro Tips available that can provide further guidance on BM Technologies' performance and prospects. Utilize coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to exclusive insights that could shape your investment strategy.
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