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NanoVibronix , Inc. (NASDAQ:NAOV), a micro-cap company with a market capitalization of $2.6 million, announced that its shareholders approved two proposals at a special meeting held Thursday, according to a statement filed with the Securities and Exchange Commission. The company’s stock has faced significant challenges, declining over 88% in the past year according to InvestingPro data.
The first proposal authorized the company’s board of directors to implement a reverse stock split of its common stock at a ratio ranging from 1-for-2 to 1-for-50. The specific ratio and timing will be determined by the board, provided the action takes place within one year of the approval date. Voting results showed 550,179 shares in favor, 183,224 against, and 33,836 abstentions.
The second proposal, known as the adjournment proposal, would have allowed the meeting to be adjourned to a later date if necessary to solicit additional votes. This proposal received 573,509 votes in favor, 166,066 against, and 27,664 abstentions. No motion to adjourn was made, as it was determined to be unnecessary.
As of the record date on May 16, 2025, there were 2,282,746 shares of common stock outstanding and entitled to vote. A quorum was achieved with 767,239 shares represented in person or by proxy.
The company reported that no other matters were considered or voted upon during the meeting. The information in this article is based on a press release statement and the company’s SEC filing. NanoVibronix’s common stock is listed on the Nasdaq Capital Market under the ticker NAOV.
In other recent news, NanoVibronix, Inc. has secured $8 million in funding from an institutional investor through the sale of convertible preferred stock, with the potential for an additional $46 million over the next 36 months. The company plans to use a portion of the proceeds to redeem outstanding Series X Preferred Stock, with the remainder allocated for working capital. NanoVibronix also announced the immediate retirement of its CEO, Brian Murphy, and the appointment of Doron Besser as the new CEO following the acquisition of ENvue Medical (TASE:BLWV) Holdings. The company recently corrected a typographical error in its Series G Preferred Stock floor price, adjusting it from $1.02 to $1.91. Additionally, NanoVibronix has been granted a U.S. patent for its pediatric feeding tube guidance system, which they plan to submit for FDA 510(k) clearance for pediatric use. A special meeting of stockholders was adjourned due to a lack of quorum and is rescheduled for July 17, 2025. These developments highlight the company’s ongoing efforts to expand its market presence and enhance its product offerings.
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