In a recent 8-K filing with the Securities and Exchange Commission, Applied Energetics, Inc. reported the outcomes of its 2024 Annual Meeting of Stockholders, which took place on Tuesday, October 29, 2024. The Tucson-based company, which operates in the aerospace and defense sector, saw a significant turnout with approximately 73% of its shares represented at the meeting.
The stockholders voted on several key items, including the election of directors and the ratification of the company's independent registered public accounting firm for the upcoming fiscal year. All nominated directors were elected to the board, with varying terms of service. Gregory J. Quarles, who also serves as the President and Chief Executive Officer of the company, was elected for a two-year term along with Michael Alber, while Bradford T. Adamczyk and Mary P. O’Hara secured three-year terms. John Schultz was elected for a one-year term.
In addition to board elections, the stockholders ratified the appointment of RBSM LLP as Applied Energetics’ independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal was approved by a majority vote.
This filing underscores the company's adherence to corporate governance practices and its commitment to transparency with its shareholders. Applied Energetics, which was previously known under different names such as Ionatron, Inc., US Home & Garden Inc, and Natural Earth Technologies Inc, has undergone significant transformations over the years. The company specializes in the development of advanced technologies for military and commercial applications, including laser and high-voltage electronics.
This report is based on the press release statements provided by Applied Energetics, Inc. and does not include any subjective assessment or speculative information regarding the company's future endeavors or market position. The information presented is factual and aims to provide a clear and concise summary of the proceedings and outcomes of the stockholders' meeting.
InvestingPro Insights
To complement the information about Applied Energetics' recent stockholders' meeting, InvestingPro data offers additional financial context. The company's market capitalization stands at $187.29 million, reflecting its current valuation in the aerospace and defense sector. Despite the company's specialization in advanced technologies, InvestingPro data shows that Applied Energetics is not currently profitable, with a negative P/E ratio of -23.33.
However, there are some positive indicators. An InvestingPro Tip highlights that the company holds more cash than debt on its balance sheet, which could provide financial flexibility as it continues to develop its laser and high-voltage electronics technologies. Additionally, Applied Energetics boasts impressive gross profit margins, with the latest data showing a gross profit margin of 60.88% for the last twelve months as of Q2 2024.
The company's revenue growth is also noteworthy, with a 39.41% increase reported in the most recent quarter (Q2 2024). This growth could be indicative of increasing demand for Applied Energetics' specialized products in the military and commercial sectors.
For investors interested in a more comprehensive analysis, InvestingPro offers 13 additional tips for Applied Energetics, providing a deeper understanding of the company's financial health and market position.
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