SigmaTron International Inc. (NASDAQ:SGMA), a provider of electronic manufacturing services with a market capitalization of $14.8 million, announced the resignation of Board Director Linda K. Frauendorfer due to personal reasons, effective today.
The company's stock has declined nearly 50% over the past six months. The company, which specializes in printed circuit boards, disclosed in a Securities and Exchange Commission filing that Frauendorfer's departure was communicated to the Board on Monday.
The Elk Grove Village, Illinois-based company, incorporated in Delaware, has not yet named a successor for Frauendorfer. SigmaTron's fiscal year ends on April 30, and the company's common stock is listed on the NASDAQ Capital Market under the ticker symbol SGMA. Investors should note that the company is scheduled to report earnings in four days, on December 16.
According to InvestingPro analysis, the stock appears undervalued based on its Fair Value metrics, with shares currently trading near their 52-week low of $2.27.
In other recent news, SigmaTron International saw significant changes in its leadership and financial reporting. The company announced the appointment of Frank Cesario as its new Chief Financial Officer, following the resignation of James J. Reiman. Cesario, with a strong background in manufacturing and international business, will receive an annual base salary of $300,000, along with participation in SigmaTron's annual bonus program and stock option plan.
Shareholders at the 2024 Annual Meeting re-elected Linda K. Frauendorfer, Bruce J. Mantia, and John P. Sheehan as Class I Directors, with their terms set to expire in 2027. BDO USA, P.C. was also ratified as the company's registered public accountants for the fiscal year ending April 30, 2025.
In addition, SigmaTron regained Nasdaq compliance by filing its annual report for the period ending April 2024. The company also made key amendments to its credit agreements with JPMorgan Chase (NYSE:JPM) Bank and other financial institutions.
Executive Vice President and Assistant Secretary Greg A. Fairhead announced his retirement, and President John P. Sheehan was appointed as a Class I Director. SigmaTron has agreed to pursue a Replacement Transaction (JO:TCPJ) by September 2025 unless it achieves a specific Total (EPA:TTEF) Debt to EBITDA Ratio by the end of August 2025.
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