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Aterian Inc. (NASDAQ:ATER), a company specializing in electric housewares and fans, announced today the engagement of Mr. William Kurtz as an advisor to its senior management team. According to the SEC filing dated August 16, 2024, Kurtz entered into an Advisor Agreement with Aterian effective from August 1, 2024. The agreement, set for an initial six-month term with the potential for a six-month extension, will provide Kurtz with a monthly compensation of $8,750.
In addition to this appointment, Aterian held its 2024 Annual Meeting of Stockholders, where a total of 47.7% of the company's issued and outstanding shares were represented.
The stockholders voted on two key proposals. The first was the election of Susan Lattmann as a Class II Director to serve until the 2027 Annual Meeting of Stockholders, which resulted in 1,524,493 votes for and 605,968 withheld, with 1,961,687 broker non-votes.
The second proposal was to ratify the appointment of UHY LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, which passed with 3,969,947 votes for, 89,601 against, and 32,600 withheld.
The company's business address is listed as 350 Springfield Avenue, Suite 200, Summit, New Jersey, with a business phone number of (347) 676-1681. Formerly known as Mohawk Group Holdings (NASDAQ:ATER), Inc., the company underwent a name change on October 31, 2018.
The details of these corporate actions are based on the latest SEC filing by Aterian, Inc. The filing provides investors with information on the company's latest strategic decisions regarding its management team and its annual stockholder meeting outcomes.
In other recent news, Aterian Incorporated reported a considerable rise in both gross and contribution margins for the first quarter of 2024, despite a 42% decrease in net revenue. Gross margins increased to 65.1%, and contribution margins rose to 14.1%.
The company anticipates stronger gross margins throughout 2024 and is on track for adjusted EBITDA profitability in the latter half of the year. The projected net revenue for Q2 2024 is set between $20 million and $23 million, primarily impacted by strategic SKU rationalization.
In addition, Aterian announced the retirement of board member Cynthia Williams, who will not seek reelection and will retire at the conclusion of the company's 2024 Annual Meeting of Stockholders.
Williams, whose contributions have been valued during her tenure, cited a new professional opportunity as the reason for her departure and confirmed it was not due to any disagreements with the company's operations, policies, or practices.
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