My Size, Inc. (NASDAQ:MYSZ), a prepackaged software services company with a market capitalization of $5.56 million, announced the results of its annual meeting held on Monday. The company has shown strong momentum recently, with a notable 67% price return over the past six months, according to InvestingPro data.
Shareholders voted in favor of all items on the agenda, including the election of a Class III director and the ratification of the company's independent public accountant for the upcoming fiscal year.
In the election for the Class III director position, nominee Ronen Luzon received overwhelming support with a total of 298,026 votes for, 4,830 against, and 2,600 abstentions. There were also 321,356 broker non-votes recorded. Luzon, who is currently serving as the Chief Executive Officer of My Size, Inc., will continue his tenure on the Board for another three years or until his successor is elected and qualified.
Additionally, shareholders ratified the appointment of Somekh Chaikin as the independent public accountant for the fiscal year ending December 31, 2024. The decision was nearly unanimous, with 621,444 votes for, 1,881 against, and 3,487 abstentions.
The annual meeting saw a quorum with 626,812 shares represented in person or by proxy. My Size, Inc., which is incorporated in Delaware and headquartered in Airport City (TASE:ARPT), Israel, emphasized the importance of shareholder participation in guiding the company's strategic decisions.
The company, recognized under the SIC code 7372 for Services-Prepackaged Software (ETR:SOWGn), has been proactive in maintaining transparency with its shareholders and ensuring compliance with SEC regulations. InvestingPro analysis shows the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.49, though it faces challenges with cash burn rate.
This report is based on a press release statement and provides a summary of the key actions taken during My Size, Inc.'s annual meeting as per the latest 8-K filing with the SEC.
The company has demonstrated strong revenue growth of 43.89% over the last twelve months. Investors seeking deeper insights into My Size's financial health and growth prospects can access 12 additional exclusive ProTips on InvestingPro.
In other recent news, My Size, Inc. reported a 23% growth in revenue and is projecting a target of $15M in 2025. The company recently experienced a boost in its financial position due to the successful exercise of warrants, resulting in gross proceeds of approximately $3M. This transaction involved the issuance of 653,028 shares of common stock. MySize's AI-driven sizing solution, Naiz Fit, continues to make strides, delivering over 42 million personalized size recommendations across numerous countries and supporting 1.5 million virtual try-ons.
The company's CEO, Ronen Luzon, emphasized the role of strategic alignment and long-term value creation in their approach to mergers and acquisitions. Despite a 7% sequential decrease in sales from $2.0 million to $1.8 million, My Size experienced a sequential increase in its Software-as-a-Service (SaaS) revenue, which rose to $172,000 from $163,000 in the previous quarter.
Analyst firm H.C. Wainwright adjusted its price target for MySize's shares from $5.00 to $3.00, while maintaining a Buy rating. Despite the challenging economic conditions, H.C. Wainwright remains optimistic about the potential of MySize's sizing technology within the garment industry.
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