In a recent filing with the Securities and Exchange Commission, Greenpro Capital Corp. (NASDAQ:GRNQ) disclosed the outcomes of its Annual Meeting of Stockholders, which took place on November 22, 2024. The shareholders voted on two key proposals during the meeting.
First, the election of directors was held, where all nominees were elected to serve one-year terms until the 2025 Annual Meeting. The directors elected are Chew, Chee Wah; Chuchottaworn, Srirat; Han, Mean Kwong; Lee, Chong Kuang; Loke, Che Chan Gilbert; Sheth, Prabodh Kumar Kantilal H.; and Wong, Christopher Yu Nien. The vote counts ranged from 3,237,909 to 3,238,136 in favor, with votes withheld varying from 132,915 to 133,142, and broker non-votes consistently at 1,456,530 for all nominees.
Additionally, the shareholders ratified the appointment of JP Centurion & Partners PLT as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The ratification received a strong affirmative response, with 4,759,547 votes in favor, 56,689 against, and 11,345 abstentions.
The SEC filing also confirmed that Lee Chong Kuang, the President and Chief Executive Officer of Greenpro Capital Corp., authorized the report on behalf of the company.
Greenpro Capital Corp., based in Kuala Lumpur, Malaysia, operates within the management consulting services industry and is incorporated in Nevada. The company is known for providing financial services, including corporate advisory and business incubation, to clients across various sectors.
The information provided in this article is based on the company's SEC filing.
In other recent news, Greenpro Capital Corp has made significant strides in various business avenues. The company has listed KS Digital's "KSGEMS" Token on its Shariah Compliant ESG Digital Asset Exchange, GreenX. This token represents investment-grade gemstones, providing investors a new opportunity for portfolio diversification through blockchain technology.
However, Greenpro Capital Corp is also facing a potential NASDAQ delisting due to non-compliance with the exchange's minimum bid price requirement. The company has been granted a 180-day period to regain compliance, which can be achieved by maintaining a closing bid price of at least $1.00 for ten consecutive business days.
In addition, GreenX, a subsidiary of Greenpro Capital Corp, is on the verge of signing a Memorandum of Understanding (MOU) with Dubai's Sharia Digital Technologies FZ LLC and Indonesia's PT Digital Syariah Teknologi (DST). This partnership aims to expand GreenX's Shariah-compliant digital asset exchange services globally, enhancing financial inclusivity for Islamic communities worldwide.
Furthermore, GreenX plans to conduct private auctions semi-annually to sell the gemstones if market conditions are favorable, with proceeds distributed to token holders.
InvestingPro Insights
Recent InvestingPro data provides additional context to Greenpro Capital Corp.'s (NASDAQ:GRNQ) financial situation following its Annual Meeting of Stockholders. The company's market capitalization stands at a modest $8.07 million, reflecting its small-cap status. Despite the recent election of directors and appointment of a new accounting firm, GRNQ faces significant financial challenges.
InvestingPro Tips highlight that the company is not profitable over the last twelve months and is quickly burning through cash. This aligns with the reported operating income of -$2.27 million and a concerning operating income margin of -83.31% for the last twelve months as of Q3 2024. The revenue growth is also negative at -17.19% for the same period, indicating ongoing operational difficulties.
On a more positive note, GRNQ has shown a strong return over the last month, with a 19.13% price total return. However, investors should be aware that the stock generally trades with high price volatility, which could present both opportunities and risks.
For those interested in a deeper analysis, InvestingPro offers 7 additional tips for GRNQ, providing a more comprehensive view of the company's financial health and market position.
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