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Aimei Health Technology Co., Ltd, a $97 million market cap company listed under the "Blank Checks" category with the trading symbols AFJK, AFJKR, and AFJKU on The Nasdaq Stock Market LLC, reported today that it was unable to conduct business at its extraordinary general meeting of shareholders due to a lack of quorum.
According to InvestingPro data, the stock currently trades at $10.75, near its 52-week high of $10.87, with notably low price volatility. The meeting, which took place on Monday, was postponed as not enough shareholders were present to meet the quorum requirement.
The company’s Amended and Restated Articles of Association stipulate that if a quorum is not present within 15 minutes from the scheduled start of the meeting, it should be adjourned to the same day in the following week or to another date and place as decided by the directors.
Following this guideline, the board of directors has rescheduled the meeting for Tuesday, February 5, 2025, at 4:00 p.m. Eastern Time. The company maintains a FAIR financial health score according to InvestingPro analysis, though its current ratio of 0.54 indicates potential liquidity challenges. The rescheduled meeting will be held at the offices of the Company’s legal counsel in New York, as well as virtually online.
Shareholders will have the opportunity to be deemed present and vote at the adjourned Extraordinary General Meeting in the same manner as outlined in the definitive proxy statement filed with the U.S. Securities and Exchange Commission on January 21, 2025, and supplemented by additional proxy materials on January 30, 2025. Proxies previously submitted will remain valid for the reconvened meeting unless they are duly changed or revoked before the votes are cast.
The company, which has its principal executive offices in New York, NY, has not disclosed the specific matters that were to be voted on at the original or adjourned meetings. The decision to adjourn and reschedule the meeting underscores the importance of shareholder participation in corporate governance.
With a P/E ratio of 36.16, the stock appears to be trading at a premium to its InvestingPro Fair Value. This news is based on a press release statement and financial data from InvestingPro, which offers 6 additional key insights about AFJK’s financial position and market performance.
In other recent news, Aimei Health Technology Co., Ltd. has extended its merger deadline and issued a promissory note in a bid to finalize its business combination with United Hydrogen. The company deposited an additional $227,700 into its trust account, extending the deadline by one month to February 6, 2025. This move, the second of up to twelve possible extensions, entitles each public shareholder to an additional $0.033 per share. Simultaneously, Aimei Health Technology issued an unsecured promissory note for the same amount to its sponsor, Aimei Health Ltd, and United Hydrogen Group Inc.
However, in a recent twist, Aimei Health Technology’s shareholders voted against a proposed amendment to the company’s trust agreement, which sought to change the deposit amount for each monthly extension. The amendment did not pass, with 51.81% of votes against and 29.71% in favor. Additionally, the shareholders also voted against the adjournment proposal, which would have allowed for the postponement of the meeting to solicit additional proxies.
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