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DULUTH, Ga. - Boxlight Corporation (NASDAQ:BOXL), a $6.5 million market cap educational technology company whose stock has shown significant volatility according to InvestingPro data, has elected two independent directors to its board, restoring compliance with Nasdaq’s majority-independent board listing requirements, the interactive technology solutions provider announced Tuesday.
The company appointed Carine Clark and Peter Fittin as independent directors with terms expiring at the 2026 annual meeting. Clark will serve as Audit Committee Chair and member of the Nominating and Governance Committee, while Fittin joins both the Audit and Compensation committees. The appointments come as the company faces challenging financial conditions, with InvestingPro data showing analysts anticipating a sales decline in the current year.
Additionally, Michael Pope, who has served on Boxlight’s board since September 2014 and was CEO from March 2020 to January 2024, was appointed Chairman of the Board on August 14. James Mark Elliott, a former CEO of Boxlight, has rejoined as a non-executive director.
"Their unique experience in technology, finance and strategy will be key ingredients in our growth strategy and execution," said Dale Strang, Boxlight’s Chief Executive Officer, referring to the new board members in the press release.
The board changes address Boxlight’s previous non-compliance with Nasdaq Rule 5605(b)(1), which requires a majority of independent directors. The company had fallen out of compliance following the resignations of R. Wayne Jackson and Charles P. Amos.
Clark brings extensive executive experience as a four-time CEO of technology companies, including roles at First Colony Mortgage, Allegiance, MartizCX, and Banyan. She also serves on multiple boards including Domo, where she is Executive Chair.
Fittin heads strategy at DogeOS and previously worked at Offchain Labs, where he helped develop Arbitrum, a blockchain scaling solution. His background includes investment banking experience with firms including B. Riley and Aegis Capital.
Boxlight provides interactive technology solutions under the brands Clevertouch, FrontRow, and Mimio, generating annual revenue of $113.6 million. According to InvestingPro analysis, the stock currently appears undervalued, with additional insights available in the comprehensive Pro Research Report, which offers deep-dive analysis of this and 1,400+ other US stocks.
In other recent news, Boxlight Corporation has announced a registered direct offering of common stock, aiming to raise approximately $4 million. The company plans to sell 1,333,333 shares at $3.00 per share to institutional investors, with the offering priced at-the-market under Nasdaq rules. This move is intended to generate gross proceeds before accounting for placement agent commissions and other expenses. Boxlight has stated that the net proceeds from this offering will be used for working capital and to reduce debt, as agreed with its senior lender. The offering is expected to close around September 24, 2025, pending customary closing conditions. These developments come as part of Boxlight’s efforts to manage its financial strategy and obligations.
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