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Socket Mobile , Inc. (NASDAQ:SCKT), a small-cap technology company with a market capitalization of $8.63 million, held its virtual 2025 Annual Meeting of Stockholders today. According to InvestingPro analysis, the company currently faces financial challenges with a weak overall health score and negative earnings in the last twelve months. Based on an SEC filing, the meeting addressed three key matters: the election of directors, an advisory vote on executive compensation, and the ratification of the company’s independent public accountants.
Six directors were elected to serve until their successors are appointed. The elected directors are Charlie Bass, Kevin J. Mills, Bill Parnell, Ivan Lazarev, Lynn Zhao, and Felix Marx. Each director received a majority of votes in favor, with Charlie Bass receiving 4,009,585 votes for and 129,287 votes withheld.
The advisory vote on executive compensation, as detailed in the annual meeting proxy, was approved with 3,777,069 votes in favor, 213,849 against, and 147,954 abstaining. This represents an affirmative vote of 91.3% of the votes cast. The vote comes as Socket Mobile’s stock has declined significantly, with InvestingPro data showing a -25.85% return over the past six months, though the shares currently trade at just 0.51 times book value.
The appointment of Sadler, Gibb & Associates LLC as independent registered public accountants for the fiscal year ending December 31, 2025, was ratified. The proposal received 5,826,354 votes in favor, 335,821 against, and 13,095 abstentions, with an approval rate of 94.3% of the votes cast.
The meeting was open to stockholders of record as of April 4, 2025. At that time, 7,898,822 shares of common stock were issued and outstanding, alongside 1,165,473 shares of restricted stock that had been granted but not yet vested. A total of 6,175,270 shares, representing 68.1% of total shares, were voted, establishing a quorum for the meeting. For deeper insights into Socket Mobile’s financial health and valuation metrics, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
This information is based on a press release statement from the company’s SEC filing.
In other recent news, Socket Mobile Inc. reported a 20% decline in revenue for the first quarter of 2025, totaling $4 million. The company faced a diluted loss per share of $0.13, aligning with analyst expectations. Despite this, Socket Mobile anticipates positive EBITDA in the second quarter of 2025. Additionally, the company completed a $1.5 million convertible note financing to enhance its working capital. This financing, involving several insiders, includes a conversion option to common stock at a price of $1.07 per share. Socket Mobile is also focusing on expanding its presence in the industrial scanning and handheld computing markets, launching new products like the ExtremeScan IXG and IXS series for iOS. The company aims to mitigate supply chain challenges and achieve profitable operating levels in the latter half of the year.
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