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Envela Corporation (NYSE American:ELA), a retail jewelry company with annual revenue of $180.38 million and a "GOOD" financial health rating according to InvestingPro, has amended its bylaws to adjust the size of its Board of Directors, according to a recent 8-K filing with the Securities and Exchange Commission. The changes, which took effect on April 17, 2025, establish that the Board shall consist of a minimum of five and a maximum of seven directors. This decision was made by the Board of Directors to allow for more flexibility in governance and oversight.
The updated bylaws also stipulate that any vacancies on the Board may be filled solely by a majority vote of the remaining directors, regardless of whether they constitute a quorum. Directors appointed to fill vacancies will serve for the remainder of the full term of the directorship in which the vacancy occurred until a successor is elected and qualifies.
This move comes as part of the company’s ongoing efforts to streamline its corporate governance structure. The Amended and Restated Bylaws are detailed in Exhibit 3.1 of the 8-K report, which was filed today. InvestingPro analysis reveals the company maintains strong financial discipline with a healthy current ratio of 4.12, indicating robust liquidity management.
Envela Corp, incorporated in Nevada and headquartered in Irving, Texas, operates under the retail-jewelry stores industry classification. The company, previously known as DGSE Companies Inc., underwent several name changes in its history, with the most recent being in 2003 to its current name.
The adjustment in the bylaws reflects Envela’s commitment to maintaining a dynamic and responsive board structure that can effectively guide the company’s strategic direction. The amended bylaws are available for review in the full text of the 8-K filing made public today. With the company’s next earnings report scheduled for April 30, 2025, investors should note that Envela has demonstrated consistent profitability, generating $6.76 million in net income over the last twelve months.
Investors and stakeholders in Envela Corporation may find these developments indicative of the company’s proactive approach to corporate governance. According to InvestingPro, which offers 7 additional investment tips for this stock, the company holds more cash than debt on its balance sheet and maintains strong cash flows to cover interest payments. The information contained in this article is based on statements from a press release and InvestingPro data analysis.
In other recent news, Envela Corp announced an expansion of its stock buyback program, increasing the authorized repurchase by an additional 100,000 shares, bringing the total to 1,100,000 shares. This program, which runs until March 31, 2026, will be managed by the company’s CEO or CFO and allows for various methods of repurchase. The decision to expand the buyback program reflects Envela Corp’s approach to managing its capital structure and potentially delivering value to shareholders. Additionally, the company filed a report with the SEC confirming these details but did not disclose the expected financial impact.
In another development, Envela Corp disclosed the resignation of Allison DeStefano from its Board of Directors, effective March 10, 2025. DeStefano, who remains the head of the company’s Consumer Division, resigned without any disagreements with the company’s operations or policies. The SEC filing did not provide reasons for her departure or details on her replacement. Investors are keenly observing how the company will adjust to this change in its board composition. As of now, no further information has been provided regarding future board appointments.
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