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Janover Inc. limits officer liability after stockholder vote

Published 22/12/2024, 02:54
Janover Inc. limits officer liability after stockholder vote
JNVR
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BOCA RATON, FL – Janover Inc. (NASDAQ:JNVR), a loan brokerage firm with a market capitalization of $7.12 million, has announced the approval of a significant amendment to its corporate governance structure.

According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 8.89, indicating its ability to meet short-term obligations. On Monday, the company’s stockholders voted in favor of an amendment to limit the liability of certain officers, a move that aligns with recent changes in Delaware law.

The amendment, known as the "Officer Exculpation Amendment," was recommended by Janover’s Board of Directors and was detailed in the company’s proxy statement filed on November 4, 2024. The change was made official upon its filing with the Secretary of State of Delaware on December 19, 2024.

This amendment comes as part of the annual stockholder meeting where three key proposals were on the ballot. The other two proposals included the election of five board members and the ratification of dbbmckennon LLC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. All proposals received sufficient votes for approval.

The election results for the board of directors were as follows: Blake Janover received 106,563,813 votes, William Caragol received 106,562,864 votes, Samuel Haskell received 106,562,682 votes, Marcelo Lemos received 106,562,873 votes, and Ned L. Siegel received 106,469,879 votes.

The ratification of the independent auditor saw 107,907,684 votes in favor, with 198,640 against and 7,714 abstentions. The officer exculpation amendment garnered 106,441,327 votes for, 128,913 against, and 1,379 abstentions. This corporate governance change comes during a challenging period for the company’s stock, which has declined nearly 39% year-to-date according to InvestingPro analysis.

The approval of the Officer Exculpation Amendment signifies a shift in the legal landscape for corporate officers, potentially reducing their exposure to personal liability in connection with their duties to the company and its stockholders.

Janover Inc., formerly known as Janover Ventures LLC, is incorporated in Delaware and is headquartered in Boca Raton, Florida. The company operates within the loan brokerage industry under the SIC code 6163. InvestingPro analysis reveals the company generated revenue of $1.82 million in the last twelve months, with a notably high gross profit margin of 98.67%. InvestingPro subscribers have access to over 10 additional key insights about Janover’s financial health and market performance.

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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