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SKYX Platforms Corp. (NASDAQ:SKYX), a Florida-based company specializing in electric lighting and wiring equipment, announced today the approval of an amended stock incentive plan. At the Annual Meeting held on the same day, shareholders voted in favor of expanding the company's 2021 Stock Incentive Plan by an additional 20 million shares.
The expansion of the stock plan, which was initially proposed by the Board of Directors and detailed in the company’s proxy statement on May 16, 2024, aims to offer additional incentives to key employees and officers. This move is seen as a strategy to attract and retain talent by aligning their interests with those of the company and its shareholders.
In addition to the stock plan approval, the Annual Meeting resulted in the re-election of seven directors to the company's board. The directors, including Rani R. Kohen, Nancy DiMattia, Gary N. Golden, Efrat L. Greenstein Brayer, Thomas J. Ridge, Dov Shiff, and Leonard J. Sokolow, will hold their positions until the next annual meeting or until their successors are elected.
Shareholders also ratified the appointment of M&K CPAS, PLLC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Furthermore, the compensation package for SKYX Platforms Corp.'s named executive officers was approved on an advisory, non-binding basis.
The voting results showed strong support for the directors, with the number of votes cast for each director exceeding those withheld. Similarly, the ratification of the accounting firm and the approval of executive compensation received a majority of favorable votes.
In other recent news, SKYX Platforms Corp. has announced a slight uptick in Q1 2024 sales to $19 million from $18.6 million in the same period the previous year, although a net loss of $9.7 million was also reported. The company has secured six new patents related to its smart Plug & Play Ceiling Fan & Heater, bringing its total patent portfolio to over 94 globally. SKYX's strategic collaborations with Ruee Appliances and General Electric (NYSE:GE) are part of its efforts towards global licensing and industry standardization.
The company's commitment to comply with the National Electric Code (NEC) is part of its ongoing endeavors for mandatory safety standardization. These recent developments underline SKYX's confidence in market penetration and the potential impact of future partnerships. Furthermore, the company anticipates becoming cash flow positive by 2025 and expects to announce additional major collaborations in 2024.
Analysts have noted SKYX's efforts and the company's Total Addressable Market is estimated to be over $500 billion, reflecting the broad potential application of its technologies. These recent developments highlight SKYX's commitment to transforming homes and buildings into smart, safe, and advanced environments.
InvestingPro Insights
In light of SKYX Platforms Corp.'s recent approval of an amended stock incentive plan, real-time data from InvestingPro provides additional context for investors considering the company's financial health and market position. SKYX's market capitalization stands at approximately $76.59 million, indicating the size of the company in the competitive landscape of the electric lighting and wiring equipment industry. Despite a staggering revenue growth rate over the last twelve months as of Q1 2024, which is reported at 221,571.68%, the company's P/E ratio remains negative at -1.89, reflecting analysts' expectations that the company will not be profitable this year. Additionally, with a price/book ratio of 5.96, the company trades at a premium relative to its book value, which could be a point of consideration for value-oriented investors.
Two InvestingPro Tips of particular relevance in the context of the company's strategic initiatives include the anticipated sales growth in the current year, which aligns with the company's efforts to incentivize key employees, potentially driving future performance. However, it's worth noting the company is quickly burning through cash, which could raise concerns about the sustainability of its growth trajectory and financial stability. Investors interested in a deeper analysis can find more InvestingPro Tips, including insights on stock volatility and cash flow yield, at https://www.investing.com/pro/SKYX. Additionally, for those looking to leverage the full suite of investment tools, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. In total, there are 11 additional InvestingPro Tips available that could further inform investment decisions regarding SKYX Platforms Corp.
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