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Smith Micro Software , Inc. (NASDAQ:SMSI), currently trading at $0.82 per share with a market capitalization of $15.34 million, convened its 2025 Annual Meeting of Stockholders on Tuesday. The meeting, conducted online, saw participation from holders of 12,972,102 shares, representing 66.7% of the company’s outstanding common stock, thereby establishing a quorum. According to InvestingPro analysis, the company’s stock is trading below book value, suggesting potential undervaluation despite recent challenges.
During the meeting, five proposals were presented for voting. The company’s stockholders elected two directors, Andrew Arno and Samuel Gulko, to the Board of Directors. Arno received 7,945,749 votes in favor, while 1,664,112 votes were withheld, and Gulko received 7,718,355 votes in favor, with 1,891,506 votes withheld. Both directors will serve until the 2028 annual meeting or until their successors are elected and qualified. The elections come as the company faces significant challenges, with revenue declining 45.77% in the last twelve months.
Additionally, stockholders approved, on a non-binding advisory basis, the compensation of the company’s named executive officers. The proposal received 6,767,683 votes in favor, 2,249,704 votes against, and 592,474 abstentions.
The appointment of SingerLewak LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025, was ratified by stockholders. This proposal garnered 11,518,849 votes in favor, 1,300,389 votes against, and 152,864 abstentions.
Further, the amendment to the Smith Micro Software, Inc. Amended and Restated Omnibus Equity Incentive Plan was approved with 7,266,568 votes in favor, 2,145,830 against, and 197,463 abstentions.
The amendment to the Smith Micro Software, Inc. Amended and Restated Employee Stock Purchase Plan also received approval. It was supported by 8,613,983 votes in favor, with 794,257 votes against and 201,621 abstentions.
The information is based on a press release statement from Smith Micro Software’s filing with the Securities and Exchange Commission. For deeper insights into Smith Micro’s financial health and growth prospects, including 12 additional ProTips and comprehensive analysis, visit InvestingPro.
In other recent news, Smith Micro Software reported a 20% decline in revenue for the first quarter of 2025, amounting to $4.6 million. The company also reported a GAAP net loss of $5.2 million, translating to a $0.28 loss per share, although its gross margin improved to 73%. The Family Safety segment, a key revenue driver, saw a 15% year-over-year decline. However, Smith Micro has announced plans for its upcoming SafePath 8 platform, which will feature AI-powered safety features aimed at enhancing family safety. In a strategic move, Smith Micro sold its ViewSpot platform to focus on its SafePath family safety solutions. Additionally, Tim Huffmyer has rejoined Smith Micro as both Chief Operating Officer and Chief Financial Officer, a move intended to drive growth and profitability. Huffmyer’s previous experience with the company is expected to aid in leveraging customer relationships and technology. These developments reflect Smith Micro’s commitment to focusing on family safety technology and operational efficiency.
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