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American Shared Hospital Services (NYSE:AMS), a healthcare equipment services company with a market capitalization of $15.93 million, reported the results of its annual shareholder meeting held on Thursday, June 26, according to a statement filed with the Securities and Exchange Commission. According to InvestingPro data, the company has demonstrated strong revenue growth of 35.25% over the last twelve months, though analysts anticipate challenges ahead.
Shareholders representing 83.46% of the company’s outstanding shares participated in the meeting, either in person or by proxy. Four directors were elected to the board: Daniel G. Kelly, Jr., Kathleen Miles, Raymond (NSE:RYMD) C. Stachowiak, and Vicki L. Wilson. Each nominee received at least 4 million votes in favor, with withheld votes ranging from approximately 38,500 to 179,000. There were 1,131,596 shares recorded as “no vote” for each nominee.
An advisory vote on executive compensation passed with 4,128,625 votes in favor, 93,491 against, 29,706 abstentions, and 1,131,596 broker non-votes.
Shareholders also voted on the frequency of future advisory votes on executive compensation. Results were 2,597,142 votes for holding the vote every year, 171,326 for every two years, and 1,457,905 for every three years. There were 25,449 abstentions. Based on these results, the company stated it plans to hold future advisory votes on executive compensation annually until the next required frequency vote or until the board determines otherwise.
Additionally, shareholders ratified the appointment of Baker Tilly US, LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This followed the merger of Moss Adams LLP with Baker Tilly US, LLP, effective June 3, 2025. The ratification received 5,364,622 votes in favor, 17,111 against, and 1,685 abstentions.
All information in this article is based on a press release statement filed with the SEC.
In other recent news, American Shared Hospital Services reported a net loss of $625,000 for the first quarter of 2025, with earnings per share at -$0.10. The company’s revenue reached $6.1 million, marking a 17% increase from the previous year, primarily driven by a 224% surge in revenue from direct patient services. However, the equipment leasing segment experienced a decline. The company continues to expand its international presence, notably opening new centers in Latin America. In another development, American Shared Hospital Services appointed Baker Tilly US, LLP as its new independent registered public accounting firm following a merger between its former auditor, Moss Adams LLP, and Baker Tilly. The change in auditors was not due to any disagreements on accounting principles or practices. Additionally, a material weakness in internal control over financial reporting was identified for the year ended December 31, 2024, which remains unremedied. The company has authorized full communication with Baker Tilly to address this issue.
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