In the recent annual meeting of shareholders held on June 13, 2024, NETSOL Technologies, Inc. (NASDAQ:NTWK), a company specializing in prepackaged software services, saw the election of its Board of Directors and approval of executive compensation. The meeting, which was based on a record date of April 18, 2024, witnessed a 61.15% turnout with 6,975,119 shares represented.
The election results confirmed the following directors to serve until the next annual meeting: Najeeb Ghauri, Mark Caton, Malea Farsai, Michael Francis, and Kausar Kazmi. Ghauri received 91.12% of the votes cast, while Caton, Farsai, Francis, and Kazmi received 86.44%, 90.97%, 90.30%, and 90.60% respectively.
Additionally, the shareholders approved, on an advisory basis, the compensation for the named executive officers. The proposal received 90.66% votes in favor out of the 5,901,586 shares that were voted on on this matter.
The appointment of Fortune CPA, Inc. as the company's auditors for the fiscal year ending June 30, 2024, was ratified with a 97.53% approval from the shareholders. A total of 6,975,119 shares voted on this proposal.
This SEC filing reflects the decisions made by the shareholders of NETSOL Technologies and is indicative of the company's governance and shareholder engagement processes. The company, headquartered in Encino, CA, continues to operate under the leadership of these elected individuals, with its executive officers receiving a mandate from its shareholders on their compensation packages.
The information in this article is based on a press release statement from NETSOL Technologies, Inc.
In other recent news, NetSol Technologies, Inc. reported significant revenue growth and profitability in its third quarter for fiscal year 2024. The company's earnings per share were $0.03, marking the third consecutive quarter of such performance.
NetSol is expanding its sales pipelines in the United States, particularly its Professional Services segment and AI-based products, with its auto digital, retail, and mobility platform operational in 58 MINI USA dealerships. The company anticipates achieving at least $28 million in subscription and support revenues for the full fiscal year and targets a revenue range of $60 million to $61 million.
In recent developments, NetSol aims for double-digit organic revenue growth and plans to launch new AI-based offerings. The company is also considering mergers and acquisitions as part of its growth strategy.
AGES Financial Services inquired about future revenue range breakout during the Q&A session, to which CEO Najeeb Ghauri emphasized growth and customer retention. Despite trading below book value, NetSol remains confident in its growth prospects and aims to break out of its revenue range in fiscal year 2025.
InvestingPro Insights
In light of the recent shareholder meeting for NETSOL Technologies, Inc. (NASDAQ:NTWK), it's pertinent to consider the company's financial health and market performance. According to InvestingPro data, NETSOL currently holds a market capitalization of 31.59 million USD. Despite not being profitable over the last twelve months, the company has shown a robust revenue growth of 12.63% in the same period. This growth is reflected in the positive quarterly revenue growth of 14.5% as of Q3 2024, indicating a potential turnaround in its financial trajectory.
InvestingPro Tips highlight that NETSOL has more cash than debt on its balance sheet, which is a positive sign for investors looking for financial stability. Additionally, the stock has experienced a strong return over the last month, with a 14.46% increase, and a significant 27.06% price uptick over the last six months, suggesting a growing investor confidence in the company's prospects. It's also worth noting that NTWK is trading at a low revenue valuation multiple, which could signal an undervalued stock to potential investors.
For those interested in a deeper dive into NETSOL's financials and strategic positioning, there are additional InvestingPro Tips available at https://www.investing.com/pro/NTWK. Readers looking to subscribe for more insights can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking access to a wealth of investment knowledge and data-driven tips.
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