On December 4, 2024, DSS, Inc., a New York-based company specializing in paperboard containers and boxes, held its annual meeting amid challenging market conditions. According to InvestingPro data, the company's stock has declined over 60% in the past year, with an overall Financial Health score of 1.6, rated as WEAK.
Shareholders gathered to vote on several key issues, including the election of directors and the ratification of the company's independent registered public accounting firm.
The shareholders elected seven directors to the board: Ambrose Chan Heng Fai, José Escudero, Wai Leung William Wu, Tung Moe Chan, Hiu Pan Joanne Wong, Shui Yeung Frankie Wong, and Lim Sheng Hon Danny. Each director will serve until the next annual meeting.
The election saw a significant number of votes in favor, with the lowest support being for Lim Sheng Hon Danny, who received 4,280,500 for, 163,243 against, and 6,923 withheld votes, along with 1,079,704 broker non-votes.
Additionally, shareholders ratified the appointment of Grassi & Co. Certified Public Accountants, P.C. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was nearly unanimous, with 5,278,489 votes in favor, 232,391 against, and 19,490 abstentions.
The compensation of the named executive officers was also approved on an advisory basis. The proposal received 4,354,408 votes for, 88,042 against, and 8,216 abstentions, alongside 1,079,704 broker non-votes.
The meeting demonstrated shareholder confidence in the company's leadership and financial oversight, with a 78.25% turnout of the aggregate shares outstanding and eligible to vote as of the record date, October 9, 2024.
These results were filed with the Securities and Exchange Commission (SEC) in a Form 8-K on December 9, 2024, by DSS, Inc., which is listed on the NYSE American LLC under the ticker symbol DSS. The company's interim Chief Executive Officer, Jason Grady, signed off on the filing. The information in this article is based on a press release statement.
In other recent news, DSS Inc., a manufacturer in the paperboard containers and boxes industry, has restated its 2023 financial results due to identified errors.
The Audit Committee found that the financial statements filed on March 27, 2024, were unreliable due to inaccuracies stemming from a transaction involving Sharing Service Global Corporation (SHRG). The improper recording of the increase in accumulated deficit led to an overstated loss of about $23.5 million.
In addition to financial restatements, DSS Inc. has announced a change in its executive leadership. Jason Grady, a veteran executive with over 20 years of service at DSS, has been appointed as Interim CEO. This change comes as former CEO Frank D. Heuszel transitions to a leadership role at Impact Biomedical.
These recent developments indicate an ongoing evolution within DSS Inc. The company continues to diversify its portfolio through strategic acquisitions and asset development, with a focus on enhancing shareholder value. It's important to note that these changes are based on press releases from DSS Inc. and reflect the company's internal decisions.
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