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Air Industries Group (NYSE American:AIRI) reported this week that it has amended its Articles of Incorporation to increase the number of authorized shares of common stock from 6,000,000 to 20,000,000. The amendment was filed with the Secretary of State of Nevada on Tuesday, following shareholder approval at the company’s annual meeting on June 26.
In addition to the increase in authorized shares, the company’s board of directors approved an amendment to the quorum requirement in its bylaws. Effective Tuesday, the new quorum standard for shareholder meetings is set at 33.33% of outstanding common stock entitled to vote, either present in person or represented by proxy. Previously, a majority of outstanding shares was required to constitute a quorum.
These changes were disclosed in a press release statement and detailed in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Air Industries Group reported a decline in net sales for the first quarter of 2025, with revenues decreasing to $12.1 million from $14.1 million in the same period last year. Despite the drop in sales, the company improved its gross margin to 16.8% from 13.6% a year earlier. Air Industries Group also reported a net loss of $988,000, or $0.27 per share, compared to a loss of $706,000, or $0.21 per share, in Q1 2024. The company’s adjusted EBITDA increased nearly 60% to $576,000 compared to the same period last year. CEO Lou Malouza highlighted operational improvements and a strong book-to-bill ratio of 1.34 to 1, indicating positive future sales momentum. The company is focusing on expanding its presence in the electric vehicle and electric aircraft markets. Air Industries Group also plans to increase its content in the F-35 platform. The company remains confident in surpassing 2024’s results despite potential challenges in the industry.
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