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Navitas Semiconductor Corp (NASDAQ:NVTS), a semiconductor company with a market capitalization of approximately $427 million, has amended its bylaws to change the deadline for stockholder director nominations, according to a recent 8-K filing with the Securities and Exchange Commission. On Monday, the company’s board of directors approved the amendment to shorten the notice period for director nominations at annual stockholders’ meetings.
Previously, stockholders were required to provide written notice of director nominations 90 days before the anniversary of the prior year’s annual meeting. With the new amendment, this period has been reduced to 60 days. This change means that for the upcoming 2025 annual stockholders’ meeting, Navitas stockholders must submit their director nominations by April 8, 2025, provided the meeting takes place within 30 days of June 7, 2025, which marks the anniversary of the 2024 annual meeting. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 5.69, indicating robust short-term financial stability.
The amendment to the bylaws is detailed in the complete text of Section 3.2 and other applicable provisions, which have been filed as Exhibit 3.1 in the report and are incorporated by reference. The change in the bylaws is part of the company’s governance updates and is aimed at streamlining the nomination process for its board of directors.
Navitas Semiconductor, headquartered in Torrance, California, operates in the semiconductor and related devices industry, generating annual revenue of $83.3 million with a gross profit margin of 34%. The company specializes in manufacturing and is incorporated in Delaware. While the stock has experienced a significant decline of about 57% over the past year, InvestingPro analysis suggests the company is currently trading near its Fair Value. This latest corporate governance update follows standard procedures for publicly traded companies to inform stockholders and the market of significant changes in corporate bylaws or operations. For deeper insights into Navitas’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
The information provided is based on the company’s statement in the press release.
In other recent news, Navitas Semiconductor reported its Q4 2024 earnings, revealing a revenue of $18 million, which missed the expected $23.99 million. The company, however, met market expectations with an EPS of -$0.06. For the full year, Navitas achieved a revenue growth of 5%, reaching $83.3 million in 2024. Despite the revenue shortfall, the company maintains a strong cash position with $87 million and no debt. Looking forward, Navitas anticipates a cyclical bottom in Q1 2025, with a recovery expected to begin in Q2. Jefferies analysts have adjusted their outlook on Navitas Semiconductor, lowering the price target to $2.50 from $3.00 while maintaining a Hold position on the stock. The analysts cited weakened end market demand but expect the first quarter to mark the cyclical bottom for the company. Navitas has been facing challenges due to excess inventory in its electric vehicle, solar, and industrial segments, impacting its gross margins and leading to a shift in product mix towards mobile.
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