EU and US could reach trade deal this weekend - Reuters
Shareholders of NetSol Technologies, Inc. (NASDAQ:NTWK) voted on several key proposals at the company’s annual meeting held Tuesday. According to a press release statement and a filing with the Securities and Exchange Commission, 70.70% of the company’s issued and outstanding shares as of April 30 were represented at the meeting.
The election of directors saw Najeeb Ghauri, Mark Caton, Malea Farsai, Syed Kausar Kazmi, and Ian Smith each re-elected to the board. The percentage of votes cast in favor of each director ranged from 62.22% for Mark Caton to 76.74% for Ian Smith. According to InvestingPro data, the company maintains strong financial health with more cash than debt on its balance sheet and a healthy current ratio of 2.26.
Shareholders also approved, on an advisory basis, the compensation for the company’s named executive officers, with 72.95% of votes cast in favor.
The ratification of Fortune CPA, Inc. as the company’s auditors for the fiscal year ending June 30, 2025, was approved by 85.02% of the votes.
An amendment to the articles of incorporation to increase the number of authorized shares of capital stock from 15,000,000 to 18,500,000 and the number of authorized common shares from 14,500,000 to 18,000,000 was approved, with 74.53% of votes in favor.
Shareholders also voted to approve the adoption of the 2025 Equity Incentive Plan, with 51.18% of the votes cast in favor.
The results were disclosed in a press release statement and detailed in the company’s SEC filing.
In other recent news, NetSol Technologies reported a strong third quarter for fiscal year 2025, with total net revenues increasing by 13% to $17.5 million. This growth was primarily driven by a 24% rise in services revenue and a 10% increase in subscription revenues. The company’s gross profit reached $8.7 million, accounting for 50% of total revenues, while GAAP net income stood at $1.4 million. In addition to these financial results, NetSol Technologies announced the appointment of Richard Howard, a former Daimler (OTC:MBGAF) executive, to its Advisory Board. This strategic move is expected to bolster the company’s growth, particularly in the North American market. The company also highlighted its focus on AI innovation and expanding its market presence. Furthermore, NetSol successfully completed significant deployments of its Transcend Finance platform in Australia and signed multimillion-dollar contracts in Oman and Indonesia. These developments indicate the company’s ongoing efforts to expand its global footprint and drive innovation in its platform offerings.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.