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Axil Brands, Inc. (NYSE American: AXIL), a company specializing in perfumes, cosmetics, and other toilet preparations with a market capitalization of $25.86 million, announced key outcomes from its Annual Meeting of Stockholders held today. According to InvestingPro data, the company maintains impressive gross profit margins of 72.3% and shows strong financial health. The Beverly Hills, California-based company reported the election of directors and the ratification of its amended equity incentive plan among other items.
During the meeting, shareholders elected Jeff Toghraie and Jeff Brown as Class III directors, with their terms set to expire at the 2027 Annual Meeting of Stockholders. The election saw Toghraie and Brown receiving 4,395,162 and 4,395,582 votes respectively, with minimal opposition.
Furthermore, shareholders approved the appointment of Salberg & Company, P.A. as the independent registered public accounting firm for the fiscal year ending May 31, 2025. The decision was near-unanimous, with 4,427,764 votes in favor.
In advisory votes, the compensation of the company's named executive officers received approval, and a three-year frequency for future advisory votes on executive compensation was set. The latter decision follows the preference expressed by the majority of the votes cast, with 2,602,489 votes supporting a triennial schedule.
The Board of Directors has determined, in light of the stockholder vote, to hold the advisory vote on executive compensation every three years, with the next vote expected at the 2027 Annual Meeting of Stockholders. The company maintains a healthy financial position with a current ratio of 2.71 and minimal debt-to-equity of 0.03, demonstrating strong balance sheet management. Discover more undervalued opportunities with detailed financial metrics through InvestingPro's comprehensive analysis tools.
In other recent news, AXIL Brands has entered into a distribution agreement with Terrang MP-Sec France, providing the latter exclusive rights to distribute AXIL's portfolio in several European countries. This deal encompasses AXIL's range of hearing performance systems, including the GS Extreme 2.0®, XCOR®, XCOR Digital®, and the Trackr™ series. The partnership is a strategic move to strengthen and expand AXIL's distribution network within the EU. In addition, AXIL Brands has announced the relocation of its principal executive offices from Alhambra, California, to Beverly Hills, effective November 2024.
The company has also entered into a sales representative agreement with Fuel Medical (TASE:PMCN) Group, a nationwide business advisory firm, aiming to expand the distribution of AXIL's hearing products through Fuel's extensive network. These are recent developments in AXIL's operations, highlighting the company's strategic changes and partnerships aimed at expanding its product distribution.
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