Oxbridge Re Holdings Limited (NASDAQ:OXBR), a company specializing in reinsurance solutions, disclosed the results of its 2024 Annual Meeting of Shareholders held on June 14, 2024, in a recent SEC 8-K filing. At the meeting, shareholders voted on two key proposals: the election of directors and the ratification of the company's independent auditor.
The election saw the reappointment of five board members. Sanjay Madhu, Arun Gowda, Dwight Merren, Wrendon Timothy, and Lesley Thompson were all elected to serve until the 2025 annual general meeting. The votes for each director nominee varied, with Madhu receiving the highest number of votes for at 1,920,798 and Thompson receiving the most abstentions at 50,373. The number of votes against ranged from 91,248 to 106,011 for the nominees.
Additionally, the shareholders ratified the appointment of Hacker, Johnson & Smith, P.A. as the independent auditor for the fiscal year ending December 31, 2024. The proposal was passed with a significant majority, receiving 4,053,226 votes for, 2,615 against, and 3,609 abstentions.
On the record date of April 15, 2024, there were 6,006,661 ordinary shares outstanding and entitled to vote. Broker non-votes were recorded for each director nominee, totaling 2,047,016, which did not affect the outcome of the elections.
The SEC filing confirmed that these matters were submitted to a vote of security holders, and the information provided is based on the press release statement of Oxbridge Re Holdings Limited.
In other recent news, Oxbridge Re reported a net loss of $905,000 in the first quarter of 2024, a shift from the net income of $142,000 in the same period last year. Despite this financial setback, the company is actively repositioning itself in the Web3 space, with strategic initiatives including the acquisition of Jet.AI Inc. and the establishment of SurancePlus Inc. These moves are part of Oxbridge Re's strategy to leverage blockchain technology in the reinsurance sector. The company has also seen its common shares and warrants listed on NASDAQ recently.
In addition to these developments, Oxbridge Re is optimistic about the growth of tokenized real-world assets (RWA), with market predictions suggesting a potential reach of $16 trillion by 2030. This optimism is reflected in the company's rebranding as an RWA Web3-focused company. Furthermore, Oxbridge Re has secured $47 million in funding, led by Blackrock (NYSE:BLK), for RWA tokenization.
InvestingPro Insights
For investors tracking Oxbridge Re Holdings Limited (NASDAQ:OXBR), recent performance metrics offer a mixed view of the company's financial health and market position. According to InvestingPro data, OXBR has experienced a significant uptrend in price returns, boasting an 18.06% return over the last week, a 28.79% return over the past month, and an impressive 125.66% over the last three months as of Q1 2024. These figures underscore a robust short-term performance that may catch the eye of momentum investors.
However, InvestingPro Tips highlight that the stock is currently in overbought territory according to the Relative Strength Index (RSI), suggesting potential for a pullback. Additionally, the company has not been profitable over the last twelve months, with a negative P/E ratio of -1.46 and an adjusted market capitalization of 16.04 million USD. Yet, OXBR's liquid assets exceed short-term obligations, indicating a degree of financial flexibility.
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