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SAN DIEGO, CA - Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI), whose stock has declined nearly 80% over the past year according to InvestingPro data, recently held its 2025 Annual Meeting of Shareholders on May 22, 2025, where several key proposals were put to vote, according to the company’s latest 8-K filing with the Securities and Exchange Commission.
The meeting saw a strong shareholder turnout with over 231 million shares represented, providing a quorum to conduct the business at hand. With the company currently trading below its Fair Value according to InvestingPro analysis, shareholders elected four directors to the company’s board for three-year terms expiring at the 2028 Annual Meeting. The elected directors are Sean Cunningham, John DeFord, Ph.D., Jessica Hopfield, Ph.D., and Murali K. Prahalad, Ph.D. The voting results were as follows: Sean Cunningham received 185,635,895 votes for and 23,897,811 votes withheld; John DeFord, Ph.D. received 195,101,055 votes for and 14,432,651 votes withheld; Jessica Hopfield, Ph.D. received 185,887,446 votes for and 23,646,260 votes withheld; Murali K. Prahalad, Ph.D. received 189,100,818 votes for and 20,432,888 votes withheld. There were also 22,152,617 broker non-votes for each nominee.
Additionally, the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified with an overwhelming majority of 230,018,925 votes for, 457,700 against, and 1,209,699 abstentions.
In a non-binding advisory vote, shareholders also approved the compensation of the company’s named executive officers as disclosed in the proxy statement for the Annual Meeting. This proposal received 169,521,411 votes for, 37,367,937 against, 2,644,358 abstentions, and 22,152,617 broker non-votes.
Maravai LifeSciences, a leader in providing reagents for life sciences research, diagnostics, and therapeutic manufacturing, has seen its shareholders participate actively in the governance of the company through these votes. The company, incorporated in Delaware and headquartered in San Diego, California, is known for its work in the pharmaceutical preparations industry under the SIC code 2834.
The information for this article is based on a press release statement from Maravai LifeSciences Holdings, Inc.
In other recent news, Maravai Lifesciences Holdings Inc reported its Q1 2025 earnings, revealing a revenue of $47 million, which exceeded expectations by $1.4 million. However, the company posted an earnings per share (EPS) of -$0.08, missing the forecast by a cent. Despite the revenue beat, Maravai’s profitability challenges persist, as indicated by a GAAP net loss of $53 million and a negative adjusted EBITDA of $11 million for the quarter. S&P Global Ratings downgraded Maravai Topco Holdings LLC to ’B-’ from ’B’, citing a significant drop in revenue and EBITDA due to a halt in high-volume mRNA vaccine-related sales. This halt has also led to a negative free cash flow forecast of about $60 million for 2025. The company has launched strategic innovations like the Poly A plus line and new CRISPR guides, aiming to bolster its market position. Maravai’s cash balance stands at $285 million, with long-term debt at $298 million, highlighting its strong cash position despite ongoing challenges. Looking ahead, the company maintains its full-year revenue guidance of $185-$255 million, reflecting confidence in its growth strategy.
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