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In a recent SEC filing, Roadzen Inc., a company specializing in insurance services with a market capitalization of $93.5 million, disclosed the results of its Annual General Meeting held on March 31, 2025. According to InvestingPro data, the company has seen significant stock price volatility, with shares down over 76% in the past year despite a recent 20% weekly gain. During the meeting, shareholders voted on the election of directors and the ratification of the company’s independent auditor for the fiscal year ended March 31, 2025.
The filing revealed that a majority of shareholders approved the election of all seven director nominees. Each director will serve until the next annual meeting or until their successors are duly elected and qualified. The elected directors are Rohan Malhotra, Saurav Adhikari, Steven Carlson, Ajay Shah, Supurna VedBrat, Zoë Ashcroft, and Diane B. Glossman. The voting results showed strong support for each candidate, with Rohan Malhotra receiving 42,561,867 votes in favor and 7,650 withheld, and Diane B. Glossman receiving 42,557,969 votes in favor and 11,548 withheld, indicating a high level of shareholder confidence in the board’s composition.
Additionally, shareholders ratified the appointment of ASA & Associates LLP as the company’s independent registered public accounting firm with 41,763,812 votes for, 9,989 against, and 795,716 abstentions. This decision underscores the shareholders’ trust in the firm’s ability to manage Roadzen Inc.’s financial audits and accounting practices.
The company, which trades on The Nasdaq Stock Market LLC under the symbols RDZN for ordinary shares and RDZNW for warrants, emphasized that approximately 57.33% of the shares entitled to vote were represented at the meeting. With a current stock price of $1.16, trading well below its 52-week high of $6.67, InvestingPro analysis suggests the stock is currently undervalued. Discover more insights and 8 additional ProTips by subscribing to InvestingPro.
This SEC filing provides investors with essential governance information about Roadzen Inc., ensuring transparency and compliance with regulatory requirements. Financial metrics from InvestingPro indicate the company faces some challenges, with an EBITDA of -$84.79 million in the last twelve months and a weak overall financial health score. The company’s business address is located at 111 Anza Blvd, Suite 109, Burlingame, California, and its business phone number is (650) 414-3530. The information in this article is based on the press release statement from Roadzen Inc.
In other recent news, Roadzen Inc. has issued $2.3 million in convertible notes through a securities purchase agreement with an institutional investor. These notes, which mature in one year, carry an interest rate of 16% per annum and are convertible into ordinary shares at a price of $2.00. Additionally, Roadzen has extended the maturity date of its $11.5 million senior secured notes to December 31, 2025, as part of an amended agreement involving Mizuho (NYSE:MFG) Securities USA LLC. The amendment also includes a new warrant allowing the purchase of 104,566 additional ordinary shares at a nominal exercise price. In another development, Roadzen has been awarded a contract renewal to manage the Roadside Assistance program for India’s largest general insurer, continuing a partnership that began in 2021. The company has also secured a patent in India for its driver risk assessment technology, part of its drivebuddyAI platform. This platform has been validated by the Automotive Research Association of India, meeting the AIS 184 standard. Roadzen is also positioned to benefit from new road safety regulations in India, potentially tapping into a $200 million annual revenue stream as commercial vehicles adopt advanced safety systems.
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