Yunhong Green CTI shareholders approve key proposals

Published 16/12/2024, 22:18
Yunhong Green CTI shareholders approve key proposals

Yunhong Green CTI Ltd. (NASDAQ:YHGJ), a micro-cap company with a market value of $15.15 million specializing in fabricated rubber products, announced the results of its Annual Meeting of shareholders held on December 13, 2024. The company, which has faced significant challenges with its stock down over 70% year-to-date according to InvestingPro data, held its annual meeting amid ongoing operational pressures.

The meeting saw the approval of all proposed items, including the election of directors and ratification of the company's auditors for the upcoming fiscal year.

In the meeting, shareholders cast their votes on three main proposals as detailed in the definitive proxy statement filed on November 1, 2024. The total number of shares entitled to vote was 25,848,187, with a turnout of 16,316,222 shares present or represented by proxy.

Proposal 1 concerned the election of five directors to serve a one-year term until the 2025 annual meeting. The directors elected were Yubao Li, Frank Cesario, Douglas Bosley, Gerald (J.D.) Roberts, Jr., and Philip Wong. The votes for each director ranged from 12,337,097 to 12,766,628, with withheld votes varying from 33,307 to 463,238 and broker non-votes totaling 3,515,887 for each nominee.

Proposal 2 involved the ratification of Wolf & Company, P.C. as the company's auditors for the fiscal year ending December 31, 2024. This proposal received a significant majority of 16,172,592 votes in favor, with 142,022 against and 1,608 abstentions.

The approval of these proposals indicates shareholder confidence in the current management and strategic direction of Yunhong Green CTI Ltd., despite the company's challenging financial position. InvestingPro analysis reveals the company maintains a weak financial health score of 1.45, with gross profit margins at 17.05%.

Investors should note that the company's next earnings report is scheduled for December 27, 2024. The company's business address is located at 22160 N. Pepper Road, Lake Barrington, IL 60010, and it operates under the jurisdiction of Illinois with IRS Employer Identification No. 36-2848943.

In other recent news, Yunhong Green CTI Ltd. faces a potential delisting risk from The Nasdaq Capital Market due to non-compliance with the exchange's minimum bid price requirement. The company has been given 180 days to regain compliance by ensuring the closing bid price of its common stock reaches $1.00 or more per share for at least 10 consecutive business days. Yunhong Green CTI Ltd. has expressed its intention to actively monitor its stock's closing bid price and explore options to regain compliance.

In a parallel development, the company announced an Asset Purchase Agreement (APA) with Yunhong Environmental Protection Technology Co., Ltd., and related parties. The deal involves the acquisition of manufacturing equipment and a working capital credit of $2,192,229, aimed at enhancing the company's production capabilities in biodegradable and recyclable materials. The transaction does not involve the assumption of any outstanding liabilities.

As part of the purchase price, Yunhong Green CTI issued 5,000,000 shares of its common stock, with a majority going to the seller and the remaining to Yunhong China Group Co., Ltd.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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