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Shimmick Corporation (NASDAQ:SHIM), currently trading at $1.48 and showing a market capitalization of $51.29 million, held its 2025 Annual Meeting of Stockholders on Wednesday, where key decisions were made regarding the company’s leadership and external auditing services. According to InvestingPro analysis, the company is currently trading below its Fair Value, though facing significant challenges with weak financial health scores. The outcomes of the votes were disclosed in a recent SEC filing.
During the meeting, stockholders voted on two significant proposals. The first proposal involved the election of six directors to the company’s board. The nominees, all of whom were elected for one-year terms expiring at the 2026 Annual Meeting, included Mitchell B. Goldsteen, Joseph A. Del Guercio, Geoffrey E. Heekin, Peter Kravitz, Steven E. Richards, and Ural Yal. Each director received substantial support, with votes in favor ranging from approximately 22.2 million to 22.4 million. Votes against the nominees were significantly lower, ranging from 156,392 to 312,775, with abstentions and broker non-votes also recorded. This leadership transition comes at a crucial time, as InvestingPro data reveals the company has experienced a significant 48.44% decline in stock value over the past six months, with analysts recently revising earnings expectations downward.
The second proposal focused on the ratification of Deloitte & Touche LLP as Shimmick Corporation’s independent registered public accounting firm for the fiscal year ending January 2, 2026. This decision was overwhelmingly supported, with approximately 24.1 million votes in favor, 46,599 against, and 946 abstentions.
Shimmick Corporation, based in Irvine, California, operates in the heavy construction sector and is incorporated in Delaware. The company, which was formerly known as SCCI National Holdings, Inc., is classified under the standard industrial classification for heavy construction other than building construction.
These results, filed with the SEC, reflect the company’s ongoing governance and financial oversight strategies as it continues its operations in the construction industry.
In other recent news, Shimmick Corp reported its Q1 2025 earnings, which significantly missed expectations, with an EPS of -$0.22 compared to the forecasted $0.11, and revenue of $122 million falling short of the anticipated $176.8 million. Despite this, Shimmick’s stock experienced a rise in after-hours trading, suggesting investor confidence in the company’s strategic direction and operational improvements. The company noted an improvement in gross margin, which increased to $5 million from a negative $1 million the previous year, and a reduction in net loss to $10 million from $33 million. Shimmick reaffirmed its full-year guidance, projecting a 10-15% revenue increase from Chimich projects and an overall gross margin of 9-12%. Analyst firm Craig Hallum participated in the earnings call, where discussions included tariff exposures and bidding activities. Shimmick’s CEO, Yaral Yal, expressed optimism about the company’s future, highlighting efforts to expand in the electrical and technology infrastructure markets. Additionally, the company emphasized its strong liquidity position, with total liquidity reported at $71 million.
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