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At its annual meeting held Thursday, Network-1 Technologies, Inc. (NYSE American:NTIP), a $37.6 million market cap company currently trading at $1.64 per share, reported that shareholders elected four directors, approved executive compensation on a non-binding basis, and ratified its independent auditor, according to a statement based on an SEC filing. InvestingPro data shows the stock has delivered an impressive 23.3% return year-to-date.
Shareholders elected Corey M. Horowitz, Jonathan Greene, Allison Hoffman, and Niv Harizman to the board of directors. The vote totals for each director were as follows: Horowitz received 10,123,379 votes for and 2,920,689 withheld; Greene received 9,904,436 for and 3,139,632 withheld; Hoffman received 9,852,420 for and 3,191,648 withheld; and Harizman received 9,978,004 for and 3,066,064 withheld. There were 4,718,361 broker non-votes for each nominee. Notably, the company maintains a strong shareholder-friendly stance, offering a substantial 6.3% dividend yield.
Shareholders also approved, by a non-binding advisory vote, the compensation of the company’s named executive officers. The results were 9,158,047 votes for, 2,476,782 against, and 1,409,237 abstentions, with 4,718,363 broker non-votes.
In addition, shareholders ratified the appointment of Marcum LLP as Network-1 Technologies’ independent registered public accounting firm for the fiscal year ending December 31, 2025. The proposal received 17,216,802 votes for, 421,885 against, and 123,742 abstentions.
These actions were disclosed in a press release statement and detailed in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Network-1 Technologies, Inc. has been active on several legal and financial fronts. The company has filed a patent infringement lawsuit against Optiver US LLC and Optiver Trading US LLC, alleging that these entities have infringed on three U.S. patents related to high frequency trading technologies. In another legal development, Network-1 has initiated litigation against Samsung Electronics Co., LTD and Samsung Electronics America, Inc., accusing them of infringing on six U.S. patents concerning eSIM and 5G technologies used in various Samsung devices.
Additionally, Network-1 Technologies has extended its share repurchase program, authorizing the buyback of up to $5 million of its common stock over the next two years. This program allows for flexibility in repurchasing shares either in open market transactions or through private negotiations. The company’s board of directors has emphasized that the timing and amount of any repurchases will be influenced by market conditions and other relevant factors. These recent developments highlight Network-1’s strategic focus on protecting its intellectual property and managing its financial resources.
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