Blackboxstocks Inc. shareholders approve board and auditor

DALLAS – Blackboxstocks Inc. (NASDAQ:BLBX), a provider of computer programming services with a current market capitalization of $11.5 million, announced the results of its 2024 Annual Meeting of Stockholders where key decisions were made regarding the company’s governance and audit firm appointment.

The company’s stock has shown remarkable momentum, delivering a 49% return year-to-date and maintaining strong performance with an 11% gain in the past week.

During the meeting held on Thursday, shareholders voted in favor of electing four directors to serve on the company’s board until the 2025 Annual Meeting. The elected directors are Gust Kepler, Robert Winspear, Keller Reid, and Dalya Sulaiman, with Kepler receiving 326,493,765 votes, Winspear 326,479,171 votes, Reid 326,475,005 votes, and Sulaiman 326,473,783 votes. The voting process saw minimal opposition, as none of the directors faced more than a thousand withholdings or abstentions.

Additionally, shareholders ratified the Audit Committee’s selection of Victor Mokuolo CPA PLLC as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The approval saw a significant majority with 328,430,560 votes for, 18,740 against, and a mere 542 abstentions.

No further items were presented for stockholder action at the 2024 Annual Meeting, which was detailed in the Definitive Proxy Statement filed previously with the SEC. The information regarding the meeting outcomes is based on the latest 8-K filing by Blackboxstocks Inc. with the Securities and Exchange Commission. The company’s next earnings report is expected on April 2, 2025, which will provide crucial insights into its financial performance and growth trajectory.

In other recent news, Blackboxstocks Inc. has been making significant financial moves. The Dallas-based company recently increased its debenture offering to $2.85 million, according to an amendment in its securities purchase agreement. This adjustment reflects changes to various provisions within the agreement, including definitions and conditions for closing.

Simultaneously, Blackboxstocks secured financing of up to $2 million, a strategic move in anticipation of a potential merger. The company has also completed a financing agreement involving senior debentures totaling $2.25 million, with the senior debentures carrying a 7.00% annual interest rate.

However, the company faces compliance issues with Nasdaq listing rules, putting it at risk of delisting. Blackboxstocks failed to hold its 2024 annual meeting within the stipulated timeframe, violating Nasdaq Listing Rule 5620(a). It also fell short of the required majority of independent directors on its board, a breach of Nasdaq Listing Rule 5605.

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