MINNEAPOLIS - Lendway, Inc. (NASDAQ:LDWY), a company specializing in advertising services, announced the results of its 2024 Annual Meeting of Stockholders today, confirming the re-election of its board of directors and the approval of executive compensation.
During the meeting held on Monday, shareholders voted on several key proposals. The election of six directors was the primary agenda, with all nominees successfully securing their positions for another year. The directors re-elected include Mary H. Herfurth, Chad B. Johnson, Mark R. Jundt, Matthew R. Kelly, Daniel C. Philp, and Nicholas J. Swenson. The results showed strong support, with the lowest number of votes for a returning director being 209,925 and the highest at 255,561.
In addition to the board elections, the company's executive compensation plan received advisory approval from its shareholders. The non-binding vote on this proposal saw 236,710 votes in favor, 28,313 against, and 1,348 abstentions, reflecting a majority support for the compensation arrangements of the company's executives.
Furthermore, the appointment of Boulay PLLP as the independent registered public accounting firm for the upcoming fiscal year, ending December 31, 2024, was ratified with an overwhelming majority of 1,102,823 votes for, 97,046 against, and a minimal 65 abstentions.
This information is based on a press release statement and the latest 8-K filing with the Securities and Exchange Commission.
In other recent news, Lendway, Inc. has seen a flurry of changes in its leadership team. The company announced the appointment of Mark R. Jundt and Daniel C. Philp as Co-Chief Executive Officers, effective from July 1, 2024, as part of a strategic shift. Jundt and Philp, both members of Lendway's Board of Directors, bring extensive experience in corporate governance, mergers, acquisitions, and strategic initiatives.
Further, Lendway announced the appointment of Elizabeth "Biz" McShane as its new Chief Financial Officer, a move that aligns with the company's growth strategy. McShane, previously with Regis (NASDAQ:RGS) Corporation, brings a wealth of finance and operations experience to the table. The company also named William Prescott as the new Sales Manager for its subsidiary, Bloomia, a major producer of fresh-cut tulips.
Amid these changes, Lendway also disclosed the upcoming departure of Zack Weber, the current Vice President of Finance and principal financial and accounting officer, scheduled for June 3, 2024.
These recent developments come as Lendway continues to manage and invest in agricultural ventures both domestically and internationally. The company's portfolio includes Bloomia, one of the largest producers of freshcut tulips in the United States, and FarmlandCredit.com, a non-bank lending business focused on agricultural investments.
InvestingPro Insights
As Lendway, Inc. (NASDAQ:LDWY) reaffirms its leadership and aligns its executive team for strategic growth, the company's financial health and market performance remain pivotal points of interest for investors. According to InvestingPro data, Lendway's market capitalization stands at a modest $7.93 million, reflecting its position in the advertising services sector.
From an operational perspective, Lendway's aggressive share buyback strategy, one of the InvestingPro Tips, signals management's confidence in the company's value. Share buybacks can often indicate that a company's leadership believes the stock is undervalued and is a way to return value to shareholders. This is particularly noteworthy given the company's current market valuation, which could suggest potential for growth.
However, another InvestingPro Tip highlights Lendway's weak gross profit margins, which have been reported at 23.58% over the last twelve months as of Q1 2024. This could be a point of concern for investors, as it may impact the company's ability to generate profit from its revenues. Additionally, the company's stock price has experienced significant volatility, with a 30.56% drop over the last three months, which may reflect investor sentiment about the company's financial stability and market position.
Investors interested in a deeper analysis of Lendway, Inc. can explore additional InvestingPro Tips that provide further insights into the company's financials and market performance. There are a total of 7 additional tips available on InvestingPro, which can be accessed at https://www.investing.com/pro/LDWY. For those considering an InvestingPro subscription, be sure to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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