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Vislink Technologies, Inc. (NASDAQ:VISL), a key player in the communications equipment sector, held its 2024 Annual Meeting of Stockholders on Tuesday, where shareholders voted on several key proposals, including the election of directors and the ratification of the company's independent auditor.
The meeting saw the re-election of five directors to the board, each set to serve a one-year term until the 2025 Annual Meeting of Stockholders. Susan G. Swenson, Carleton M. Miller, Jude T. Panetta, Ralph E. Faison, and Brian K. Krolicki were all elected with a majority of votes. Notably, Miller received the highest number of affirmative votes, with 633,581 for and only 12,318 against. The election process also accounted for a significant number of broker non-votes, which did not influence the outcome.
Additionally, shareholders ratified the appointment of Marcum LLP as Vislink's independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal was adopted with an overwhelming majority of 1,295,989 votes in favor, 15,676 against, and 10,417 abstentions.
The total number of shares entitled to vote at the meeting was 2,448,482, with 1,322,082 shares present in person or by proxy, confirming the presence of a quorum. The detailed voting results for each nominee included votes for, against, abstentions, and broker non-votes, providing a transparent view of shareholder sentiment.
In other recent news, Vislink Technologies Inc. reported a robust start to the year with a 20% surge in year-over-year revenue for the first quarter, totaling $8.6 million. This increase was primarily driven by sales to its MilGov customers and the adoption of the AeroLink platform. Vislink's new product launches, including Cliq and LiveLink, have been met with strong market interest, indicating potential for future financial enhancement.
The company is making strides towards achieving cash flow neutrality by the end of 2024 and projects positive cash flow in 2025. Despite an operating loss of $1.6 million, Vislink maintains a healthy gross profit margin of 59% and a robust working capital of $31.2 million.
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