SEATTLE - Leafly Holdings, Inc. (NASDAQ:LFLY), a leading provider of prepackaged software services, announced the results of its Annual Meeting of Stockholders that took place on Tuesday, July 25, 2024. The meeting saw the re-election of board members and the ratification of its independent accounting firm for the upcoming fiscal year.
During the meeting, a significant majority of the stockholders voted in favor of re-electing Jeffrey Monat and Andres Nannetti to the company's Board of Directors for a three-year term. Monat secured 593,146 votes for and 74,224 withheld, while Nannetti received 641,142 votes for and 26,228 withheld. There were 710,491 broker non-votes for both nominees.
Additionally, stockholders ratified the appointment of Marcum LLP as Leafly's independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal was approved with 1,275,352 votes for, 92,850 against, and 9,659 abstentions.
The third proposal, which was to approve the adjournment of the annual meeting if necessary, also passed. It garnered 1,216,168 votes for, 111,840 against, and 49,853 abstentions.
Leafly Holdings, Inc., headquartered at 113 Cherry Street PMB 88154, Seattle, WA, is incorporated in Delaware and operates under the 06 Technology sector. The company's common stock and warrants are traded on The Nasdaq Stock Market under the symbols LFLY and LFLYW respectively.
In other recent news, Leafly reported its first-quarter financial results for 2024, revealing a revenue of $9 million and a net loss of $2.4 million. The company is actively managing a $29.7 million debt due in January 2025, part of which has been converted to equity. Leafly is also dealing with NASDAQ non-compliance issues, for which it is developing a compliance plan. The company anticipates Q2 2024 revenues to be around $8.6 million, with an estimated adjusted EBITDA loss of about negative $1.1 million.
InvestingPro Insights
As Leafly Holdings, Inc. (NASDAQ:LFLY) continues to navigate the competitive landscape of prepackaged software services, the latest data from InvestingPro provides a snapshot of the company's financial health and market performance. With a market capitalization of $5.58 million, Leafly operates with a significant debt burden and analysts have raised concerns about its cash burn rate. Despite the challenges, the company boasts impressive gross profit margins, with the last twelve months as of Q1 2024 showing a gross profit of $35.62 million and a margin of 88.94%.
However, the same period has seen a revenue decline of 15.13%, and analysts have revised their earnings downwards for the upcoming period, indicating potential headwinds. Stockholders may also note the high price volatility of LFLY's shares, with a 1 month price total return of 13.93%, but a significant drop over the last six months at -51.48%. This underscores the need for potential investors to consider both the short-term gains and the long-term trends when evaluating their positions.
For those looking to delve deeper into Leafly's financials and market prospects, InvestingPro offers additional insights. There are 17 more InvestingPro Tips available, which could provide valuable context for understanding the company's trajectory. To access these tips and more detailed analytics, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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