CXApp shareholders approve key proposals at annual meeting

Published 20/05/2025, 22:28
CXApp shareholders approve key proposals at annual meeting

In a recent Securities and Exchange Commission filing, CXApp Inc., a Delaware-based prepackaged software services company trading at $1.39 per share with a market capitalization of $27.6 million, revealed the outcomes of its annual stockholders meeting held on Tuesday, May 20, 2025. According to InvestingPro data, the company maintains impressive gross profit margins of 82%, despite challenging market conditions. The meeting, conducted virtually, saw a quorum with over 51% of CXApp’s common stock represented.

At the meeting, stockholders voted on seven proposals. Camillo Martino was elected as a Class II director, with a term extending until the annual meeting following the fiscal year ending December 31, 2027. Similarly, Shanti Priya was elected to serve as a Class II director for the same term. Both elections saw a majority of votes cast in favor, with minimal opposition and abstentions.

Additionally, stockholders approved the issuance of CXApp common stock in private placements exceeding 20% of the company’s outstanding common stock. The amendment and restatement of the CXApp Inc. 2023 Equity Incentive Plan, which includes the reservation of a total of 5,676,000 shares of common stock for issuance under the plan, also received approval.

A proposal authorizing the Board to approve a reverse stock split of the company’s common stock at a ratio between 1-for-5 and 1-for-10 was passed. This measure is primarily aimed at maintaining CXApp’s listing on the Nasdaq Stock Market, particularly relevant given the stock’s 60% decline over the past year. InvestingPro analysis shows the stock has recently shown signs of recovery, with a 14% gain in the past week. The related amendment to the company’s certificate of incorporation to reflect the reverse stock split was also approved.

Furthermore, on a non-binding advisory basis, the compensation of the named executive officers was approved. Lastly, WithumSmith+Brown, PC was ratified as the independent registered public accounting firm for CXApp for the year 2025.

The filing included cautionary statements regarding forward-looking statements, emphasizing that the company’s actual results could materially differ from expectations. This information is based on a press release statement.

In other recent news, CXApp Inc. reported its financial results for the fourth quarter of 2024, highlighting a strategic shift towards subscription-based revenue. The company experienced a slight decline in quarterly revenue to $1.66 million, but subscription revenue grew by 10% year-over-year, reaching over $6.2 million. Gross margins improved to 82%, up from 78% the previous year, while operating expenses were significantly reduced by 66%. CXApp also introduced new products, such as the SkyView Analytics Platform, and is focusing on expanding its AI capabilities. The company anticipates customer expansion in 2025, with revenue forecasts suggesting steady growth up to $7 million by the fourth quarter of 2025. Additionally, CXApp is preparing for its Annual Investor Day in May 2025, where it will discuss its strategic focus on AI and sustainable growth. These developments reflect the company’s ongoing efforts to enhance operational efficiency and product offerings in a competitive market.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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