TerrAscend Corp., an agricultural production company, held its annual shareholder meeting virtually on Monday, where investors voted on several key proposals, including the election of directors and the ratification of the company's auditor.
In the election of directors, all five nominees were successfully elected to the Board of Directors to serve until the next annual meeting or until their successors are elected or appointed. The votes for each director nominee were as follows: Craig Collard received 144,502,805 votes for and 8,602,820 withheld; Kara DioGuardi had 142,059,826 for and 11,045,799 withheld; Ira Duarte garnered 142,052,283 for and 11,053,342 withheld; Ed Schutter received 110,827,496 for and 42,278,129 withheld; and Jason Wild had 144,579,307 for and 8,526,318 withheld.
Additionally, shareholders ratified the appointment of MNP LLP, Chartered Professional Accountants, as the company's auditor for the upcoming year with 187,070,186 votes in favor and 180,201 votes withheld. The remuneration for the auditors will be determined by the Board.
The third proposal on the agenda was the approval of amendments to the stock options held by certain company insiders. Shareholders approved the extension of the expiry dates for an aggregate of 1,250,000 stock options to 10 years from their respective dates of grant. The resolution passed with 143,803,053 votes for the amendment and 9,302,572 against.
TerrAscend Corp., which trades on the OTCQX Best Market under the symbol TSNDF, reported that 187,254,754 common shares were represented at the meeting out of the 291,507,430 common shares outstanding as of the record date, April 24, 2024.
InvestingPro Insights
As TerrAscend Corp. continues to navigate through its corporate strategies post-annual meeting, real-time data from InvestingPro offers a snapshot of the company's financial health and market performance. With a market capitalization of approximately $494.03 million, TerrAscend is positioned in a challenging market environment, evidenced by a negative P/E ratio of -4.88. The company's revenue growth stands out, with a 22.31% increase over the last twelve months as of Q1 2024, and a quarterly revenue growth of 16.19% in Q1 2024, reflecting potential in its operational scale.
InvestingPro Tips highlight that analysts are expecting net income growth and sales growth this year for TerrAscend, which could signal an upcoming turnaround from the previous non-profitable twelve months. However, the company's stock price has experienced significant volatility, with a -10.26% one-week total return and a -26.32% one-month total return as of the latest available data. Additionally, short-term obligations currently exceed liquid assets, which may raise concerns about the company's liquidity. For investors interested in deeper analysis, there are 5 additional InvestingPro Tips available, which can be explored further through the InvestingPro platform.
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