In a recent 6-K filing with the Securities and Exchange Commission, MDJM Ltd, a real estate service company, has announced the convening of its 2024 Annual General Meeting (AGM) of Shareholders. The meeting is scheduled to take place in the company's principal executive offices located in Cupar, United Kingdom.
The notice and proxy statement for the AGM, dated Monday, November 4, 2024, will be distributed to the company's shareholders for review and preparation. In addition, a form of proxy card will be mailed to shareholders, enabling them to cast their votes on various company matters that will be addressed during the meeting.
MDJM Ltd, which operates within the real estate agents and managers industry, is incorporated in the Cayman Islands and is listed under the SIC code 6531. The company is organized under the name 05 Real Estate & Construction and has designated the end of December as its fiscal year end.
The details provided in the SEC filing, including the date of the report and the filing date, are both set as Monday, November 4, 2024. The filing was signed by Siping Xu, the Chief Executive Officer of MDJM Ltd.
The 6-K form, which is used by foreign private issuers to report information that would be of significance to shareholders and the SEC, indicates that MDJM Ltd is in compliance with the reporting requirements set forth by the SEC. The form also confirms that MDJM Ltd files annual reports under the cover of Form 20-F.
In other recent news, global asset management firm MDJM LTD has been busy with several significant developments. The company recently faced a Nasdaq minimum bid price noncompliance, receiving a notification from Nasdaq indicating that it does not meet the minimum bid price requirement for continued listing. However, MDJM has been granted a 180-day period to rectify this deficiency.
On the financial front, MDJM secured approximately $2.45 million through a private placement with institutional investors. The company plans to issue 2,722,224 units, each comprising one ordinary share and two types of warrants, with Maxim (NASDAQ:MXIM) Group LLC serving as the exclusive placement agent for this offering.
In addition, MDJM has appointed William Bo Wang to its board and as Director of its UK subsidiary, Mansions Catering and Hotel Ltd. Mr. Wang's role will involve overseeing the strategic development of MDJM's cultural initiatives in the UK, leveraging his extensive experience in education and cultural exchange.
Lastly, MDJM is actively involved in transforming historic properties into cultural venues in the UK, with projects like Fernie Castle in Scotland and Robin Hill Property in England. These initiatives are part of the company's ongoing efforts to enhance its operations and presence in the UK market.
InvestingPro Insights
As MDJM Ltd prepares for its 2024 Annual General Meeting, investors might benefit from a closer look at the company's financial health and market performance. According to InvestingPro data, MDJM's market capitalization stands at a modest $2.7 million USD, reflecting its status as a small-cap company in the real estate services sector.
InvestingPro Tips highlight that MDJM holds more cash than debt on its balance sheet, which could be a positive sign for financial stability as the company navigates its operations. However, the company is also quickly burning through cash, a factor that shareholders may want to discuss at the upcoming AGM.
The stock's recent performance has been challenging, with InvestingPro data showing a significant 63.72% decline in the past week alone. This aligns with an InvestingPro Tip indicating that the stock has taken a big hit over the last week. The RSI suggests the stock is in oversold territory, which could be of interest to value-oriented investors attending the meeting.
For those considering a deeper analysis, InvestingPro offers 13 additional tips on MDJM, providing a more comprehensive view of the company's financial position and market trends.
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