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In a recent Securities and Exchange Commission filing, XWELL Inc., a personal services provider formerly known as XpresSpa Group, Inc., reported the outcomes of its 2024 Annual Meeting of Stockholders held on Thursday. The meeting saw the reelection of four board members and the ratification of the company’s independent auditor among other items on the agenda.
At the meeting, a majority of the present shareholders voted to reelect Bruce T. Bernstein, Robert Weinstein, Gaëlle Wizenberg, and Michael Lebowitz to the Board of Directors. The reelected directors will serve until the 2025 Annual Meeting or until their successors are elected. Notably, Scott R. Milford, who resigned as CEO and director effective September 21, 2024, was withdrawn as a nominee and votes for his reelection were not counted.
Shareholders also ratified the appointment of Marcum LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with a significant majority in favor.
The compensation of the company's named executive officers received advisory approval, despite a notable portion of votes against. Furthermore, the company’s Tax Benefits Preservation Plan, dated August 16, 2024, was ratified with a substantial majority voting in favor.
XWELL Inc. is headquartered in New York and trades on The Nasdaq Stock Market under the ticker symbol XWEL. The company’s annual meeting results are based on the voting rights associated with the 5,256,024 shares of common stock outstanding as of the record date.
In other recent news, XWELL Inc. has undergone significant changes and faced challenges. The wellness holding company announced the appointment of Ezra T. Ernst as its new CEO, following the departure of former CEO Scott Milford. Ernst plans to integrate technology across XWELL's portfolio, focusing on acquisitions and technological advancements.
In a strategic move, XWELL has partnered with Priority Pass to enhance airport experiences by offering relaxation services to travelers at major U.S. airports. Meanwhile, the company has initiated a Tax Benefits Preservation Plan to safeguard its reported net operating losses of approximately $67.3 million.
XWELL is also planning to raise approximately $1.4 million through a registered direct offering of 652,705 shares. However, the company is currently involved in a legal dispute with shareholder CPC Pain & Wellness SPV, LLC, which has initiated legal action against XWELL's board of directors.
InvestingPro Insights
Following XWELL Inc.'s annual meeting, a closer look at the company's financial health and stock performance provides additional context for investors. According to InvestingPro, XWELL holds more cash than debt on its balance sheet, which is a positive sign of financial stability. Despite this, the company is quickly burning through cash, which may raise concerns about its long-term liquidity and capital management strategies.
InvestingPro data reveals a market capitalization of $9.36 million, which gives a sense of the company's size in the marketplace. The revenue for the last twelve months as of Q2 2024 was $32.88 million, indicating the company's ability to generate sales. However, the revenue growth during this period was slightly negative at -1.95%, suggesting challenges in increasing sales. The company's stock price has experienced significant volatility, with a notable return of 12.12% over the last week, yet a decline of 46.96% over the past year, reflecting the stock's erratic nature.
For investors seeking a deeper analysis, there are over 12 additional InvestingPro Tips available at InvestingPro, offering insights that could guide investment decisions regarding XWELL Inc.
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