Microvast Holdings announces departure of chief financial officer
In a recent update to its corporate governance, Microbot Medical (TASE:BLWV) Inc. (NASDAQ:MBOT), whose stock has surged over 136% in the past six months and is currently trading at $2.28, has amended its by-laws to lower the quorum requirement for shareholder meetings. According to InvestingPro analysis, the stock appears to be trading above its Fair Value, with momentum indicators suggesting overbought conditions. As of Monday, the new threshold for the quorum is one-third of the votes entitled to be cast on a matter, a reduction from the previous majority requirement.
The adjustment was approved by the company’s Board of Directors and is effective immediately. The change specifically revises Section 2.5 of the by-laws, allowing for a smaller number of participating votes to constitute a quorum, unless a larger quorum is mandated by law or the company’s certificate of incorporation.
This announcement comes alongside preparations for Microbot Medical’s annual meeting of stockholders, which is slated for around June 10, 2025. The record date for determining stockholders eligible to vote at the meeting has been set for today, Tuesday, April 15, 2025.
Additionally, the company has confirmed the deadline for stockholder proposals and director nominations for the upcoming annual meeting. Proposals must be received by the close of business on April 28, 2025, and must comply with the established SEC rules and the company’s amended by-laws.
Microbot Medical, headquartered in Hingham, MA, specializes in surgical and medical instruments and apparatus. With a market capitalization of $79.22 million and a current ratio of 2.37, the company maintains strong liquidity position despite operating challenges. InvestingPro data reveals the company’s next earnings report is scheduled for May 13, 2025, with analysts not anticipating profitability this year. The company’s forward-looking statements in the SEC filing indicate its ongoing commitment to regulatory milestones and corporate governance. Discover 10+ additional exclusive insights and real-time analytics with InvestingPro.
The information in this article is based on a press release statement from Microbot Medical Inc. and serves to inform shareholders and the public of the company’s latest corporate governance developments. While the company has not provided any commentary on the potential implications of these changes for its operations or strategic direction, InvestingPro analysis indicates the company operates with moderate debt levels and maintains liquid assets exceeding short-term obligations, suggesting financial flexibility despite current challenges.
In other recent news, Microbot Medical has reported significant progress with its LIBERTY Endovascular Robotic System following the successful ACCESS-PVI pivotal trial. The trial, conducted across three major U.S. medical centers, achieved a 100% success rate in robotic navigation without any adverse device events, while also reducing radiation exposure by 92%. These results were presented at the Society of Interventional Radiology’s annual meeting, reinforcing the system’s potential ahead of its anticipated FDA clearance. H.C. Wainwright has maintained a Buy rating on Microbot Medical, with a price target of $9, reflecting confidence in the system’s market potential. Additionally, the company has raised approximately $20.6 million through recent fundraising efforts, bolstering its financial position. Microbot Medical anticipates FDA clearance for the LIBERTY system by the second quarter of 2025, which would pave the way for U.S. commercialization. The company has also regained compliance with Nasdaq’s minimum bid price requirement, maintaining its listing status. In executive news, key personnel have received salary increases and bonus adjustments, as detailed in a recent SEC filing.
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