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ATLANTA, GA - T Stamp Inc., operating under the name 06 Technology, announced the results of its recent Annual Meeting of Stockholders, where shareholders cast their votes on key company matters.
The meeting, held on January 29, 2025, saw the election of the company’s director nominees and the ratification of Marcum LLP as the independent registered public accounting firm for the upcoming fiscal year.
The company, currently valued at $6.2 million in market capitalization, has faced significant market challenges, with its stock down about 72% year-to-date according to InvestingPro data.
The software services company, listed on NASDAQ under the ticker (NASDAQ:IDAI), reported that 53.8% of the Class A Common Stock was represented in the vote, either in person or by proxy. The election results were overwhelmingly positive, with Andrew Gowasack receiving 98% of the votes in favor and Kristin Stafford receiving 99%, indicating strong shareholder support for the board’s composition.
InvestingPro analysis reveals the company faces financial challenges, with revenue declining 52% in the last twelve months to $2.16 million, and a current ratio of 0.6 indicating potential liquidity concerns.
Additionally, the appointment of Marcum LLP as the company’s auditor for the fiscal year ending December 31, 2024, was approved with an impressive 99.9% of votes in favor. This ratification emphasizes the shareholders’ trust in the firm’s ability to independently audit and verify the company’s financial statements.
The company, headquartered at 3017 Bolling Way NE, Atlanta, Georgia, operates within the prepackaged software industry, classified under the Standard Industrial Classification (SIC) code 7372. T Stamp Inc., incorporated in Delaware and ending its fiscal year on December 31, is recognized as an emerging growth company.
The information provided in this article is based on a press release statement filed with the U.S. Securities and Exchange Commission. There were no broker non-votes in the proposal for the ratification of Marcum LLP.
In other recent news, T Stamp Inc. has successfully regained compliance with Nasdaq’s minimum bid price requirement, following a period of non-compliance. The prepackaged software services company had maintained a bid price of $1.00 or greater for 11 consecutive business days. In a related development, T Stamp also announced the appointment of Lance Wilson as its new Chief Financial Officer, replacing Alex Valdes.
Trust Stamp, an AI technology provider, has entered into a securities purchase agreement for a direct offering and concurrent private placement of approximately $3.5 million. The company also declared a 1-for-15 reverse stock split, a move aimed at ensuring compliance with Nasdaq’s minimum bid price requirement. Trust Stamp’s stockholders approved key proposals, including a reverse stock split and issuance of new shares and warrants.
T Stamp Inc. faced a potential NASDAQ delisting due to its failure to hold an annual stockholders’ meeting within the stipulated timeframe. However, the company has been given 45 days to submit a plan to regain compliance. These developments are part of the ongoing efforts by both T Stamp Inc. and Trust Stamp to ensure compliance with Nasdaq’s listing rules and regulations.
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