Procore signs multi-year strategic collaboration agreement with AWS
On June 9, 2025, Super League Enterprise, Inc. (NASDAQ:SLE), a Delaware-incorporated computer systems design service company trading at $0.13 per share, conducted its 2024 annual meeting of stockholders. According to InvestingPro analysis, the company’s shares are currently undervalued, despite falling nearly 79% year-to-date and receiving a "Hold" consensus from analysts with price targets ranging from $0.50 to $1.00. The meeting saw the election of two Class I Directors, Kristin Patrick and Bant Breen, to the company’s Board of Directors until the end of their respective terms. Additionally, stockholders voted on several proposals, including amendments to the company’s Charter and the 2025 Omnibus Equity Incentive Plan. These governance changes come as the company faces significant challenges, with InvestingPro data showing a weak overall financial health score and negative EBITDA of -$13.74M in the last twelve months. For deeper insights into SLE’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
The anti-dilution provisions within the Certificate of Designations of the Series AAA Convertible Preferred Stock and the issuance of rights to purchase additional shares of Preferred Stock on similar terms were approved. With a current market capitalization of just $3.76 million and the stock trading near its 52-week low of $0.12, these measures aim to protect investor interests. These measures align with Nasdaq Capital Market Listing Rule 5635, allowing the conversion price to be adjusted for future securities issuances below the current conversion price.
Furthermore, the stockholders approved amendments to the Charter to effect one or more reverse stock splits at a ratio of 1-for-5 to 1-for-200, and the potential reverse stock split within a year of the stockholder approval date. The 2025 Omnibus Equity Incentive Plan received approval, and the executive compensation for named officers was endorsed in a non-binding advisory vote.
The frequency of advisory votes on executive compensation was set to every three years, as determined by the stockholder vote. The appointment of Withum Smith + Brown, PC as the company’s independent auditors for the fiscal year ending December 31, 2025, was ratified. Lastly, the issuance of shares of Common Stock in a potential financing, pursuant to Nasdaq Listing Rule 5635(d), was also approved.
For further details on the proposals voted upon, reference is made to the definitive proxy statement filed by Super League Enterprise, Inc. with the SEC on May 19, 2025. This summary is based on a press release statement.
In other recent news, Super League Enterprise, Inc. completed a registered direct offering, raising approximately $670,000 through the sale of Common Stock and Pre-funded Warrants. This transaction involved 5,583,334 shares priced at $0.12 each, with Pre-Funded Warrants slightly lower at $0.11999 due to their immediate exercise capability. The company plans to use the proceeds for general corporate purposes and working capital. Additionally, Super League finalized a public stock offering, generating around $550,000, including an exercised overallotment option for 416,666 extra shares. Aegis Capital Corp. served as the sole book-running manager for both offerings. These financial moves were made under a shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) and declared effective in December 2024. Legal counsel for these transactions was provided by Disclosure Law Group and Kaufman & Canoles, P.C. The company aims to utilize these funds for corporate needs, working capital, and partial debt repayment.
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