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PLAINVIEW, N.Y. - Vaso Corporation (OTCQX:VASO), a medical device company specializing in electromedical equipment, has announced the adjournment and rescheduling of its extraordinary general meeting of stockholders. Initially set for Monday, the meeting has been postponed to recommence on September 10, 2024, at 10:00 a.m. Eastern Time in New York.
The decision to adjourn the special meeting, originally scheduled for August 26, 2024, was disclosed in a recent filing with the U.S. Securities and Exchange Commission (SEC). The meeting's agenda includes voting on a proposed business combination with Achari Ventures Holdings Corp. I and its subsidiary, Achari Merger Sub Inc., as outlined in the Business Combination Agreement dated December 6, 2023.
Stockholders of record as of July 15, 2024, will be eligible to vote on the proposals detailed in the definitive proxy statement, which was first filed on August 7, 2024, and subsequently amended. The proxy statement contains information about the interests of Vaso's directors and executive officers in the solicitation of proxies for the upcoming meeting.
The adjournment aims to provide stockholders additional time to review the proposals and cast their votes. The company has emphasized that this current report is not an offer to sell or a solicitation of an offer to buy any securities, and no such offer, solicitation, or sale will be made in any jurisdiction where it would be unlawful.
Vaso Corporation, headquartered in Plainview, New York, operates under the name 08 Industrial Applications and Services. It is incorporated in Delaware and has been publicly traded since changing its name from Vasomedical, Inc. in 2012.
This news article is based on a press release statement and information contained in a recent SEC filing by Vaso Corporation.
In other recent news, Vaso Corporation disclosed unaudited pro forma financial information as part of its proposed business combination with Achari Ventures Holdings Corp. I and Achari Merger Sub, Inc. These financials combine the historical financial results of both companies, providing investors a basis to evaluate the potential impact of the merger.
The transaction is subject to customary closing conditions, regulatory approvals, and approval by the shareholders of both Vaso and Achari. These are recent developments in the process of the proposed business combination.
InvestingPro Insights
In light of Vaso Corporation's recent announcement regarding the adjournment of its extraordinary general meeting, investors may find real-time financial data and InvestingPro Tips helpful to better understand the company's current standing. Vaso Corporation, with a market capitalization of $46.3 million, is trading at a price-to-earnings (P/E) ratio of 18.86, indicating the price investors are willing to pay for a dollar of earnings. This ratio has seen a slight adjustment in the last twelve months as of Q2 2024, coming down to 17.1.
Additionally, the company has demonstrated a significant return over the last week, with a 7.76% price total return, which may interest investors looking for short-term gains. Despite a slight decrease in revenue growth by -1.84% in the last twelve months as of Q2 2024, the company holds a strong gross profit margin of 61.27%, reflecting its efficiency in managing production costs relative to sales.
For those considering a longer-term perspective, Vaso Corporation has shown a strong return over the last five years, which aligns with an InvestingPro Tip highlighting the company's performance over an extended period. It's also worth noting that Vaso holds more cash than debt on its balance sheet, an encouraging sign of financial stability. For investors seeking a more comprehensive analysis, there are additional InvestingPro Tips available, which can be found on the InvestingPro platform.
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