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On May 16, 2025, Cemtrex Inc. (NASDAQ:CETX), a company specializing in electronic components and accessories with annual revenue of $73.8 million and 12.9% year-over-year growth, held its Annual Meeting of Shareholders. According to InvestingPro analysis, the company maintains a FAIR financial health score despite operating with significant debt. The meeting saw the election of four board members and the ratification of the company’s independent registered public accounting firm.
The shareholders elected Saagar Govil, Brian Kwon, Manpreet Singh, and Mitodi Filipov to the Board of Directors for a one-year term. The election results were as follows: Saagar Govil received 19,875,874 votes for, 441,142 abstentions, and 1,771,202 broker non-votes; Brian Kwon received 20,271,381 votes for, 45,635 abstentions, and 1,771,202 broker non-votes; Manpreet Singh received 20,239,508 votes for, 77,508 abstentions, and 1,771,202 broker non-votes; and Mitodi Filipov received 20,270,476 votes for, 46,540 abstentions, and 1,771,202 broker non-votes. The board faces challenges ahead, as InvestingPro data shows the company’s debt-to-equity ratio stands at 3.57x.
Additionally, the appointment of Grassi Co. Certified Public Accountants as the company’s independent registered public accounting firm for the fiscal year ending September 30, 2024, was ratified with 22,011,352 votes for, 46,901 against, and 29,965 abstentions.
The total number of voting shares represented at the meeting was 22,088,218, accounting for 89.5% of the total voting shares, thus meeting the quorum requirement. The results of the meeting were consistent with the recommendations from the Board of Directors.
The company has filed the voting results and additional details as part of its 8-K report with the Securities and Exchange Commission. The information presented in this article is based on the press release statement from Cemtrex Inc. Investors should note that Cemtrex is scheduled to report its next earnings in 3 days, on May 19, 2025. For comprehensive analysis and additional insights, access the detailed Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
In other recent news, Cemtrex Inc. has reported several significant developments. The company announced a $1 million contract for its subsidiary, Vicon Industries, with a leading Saudi media and broadcasting firm. This order includes the deployment of Vicon’s NEXT Modular Sensor System, which is set to enhance security infrastructure across multiple sites in the Gulf region. Additionally, Vicon secured a $1.2 million order for a Texas border security project, further establishing its presence in the security technology sector.
Cemtrex also received an extension from Nasdaq to regain compliance with the stockholder’s equity requirement, which it previously fell short of. The company must meet the minimum $2.5 million equity threshold by August 20, 2025, to avoid potential delisting. In another strategic move, Cemtrex declared a dividend payment in shares for its Series 1 Preferred Stock shareholders, aligning with its fiscal policies and reflecting confidence in its stock’s value. These developments highlight Cemtrex’s focus on growth and regulatory compliance.
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