On Thursday, Biotricity Inc., a medical device company, announced the results of its annual stockholders meeting held on August 15, 2024. The meeting saw shareholders vote on several key proposals, including the election of directors and the ratification of the company's independent auditors.
The shareholders re-elected Waqaas Al-Siddiq, David A. Rosa, Ronald McClurg, and Jainal Bhuiyan as directors of the company. Each will serve until the next annual meeting and until their successors are duly elected and qualified.
The vote count for the election of directors was as follows: Waqaas Al-Siddiq received 12,250,194 votes for, 49,267 against, and 6,111 abstained; David A. Rosa had 12,151,247 votes for, 148,214 against, and 6,111 abstained; Ronald McClurg garnered 12,225,990 votes for, 72,858 against, and 6,724 abstained; and Jainal Bhuiyan received 12,243,508 votes for, 55,341 against, and 6,723 abstained.
Additionally, the appointment of SRCO Professional Corporation as the independent registered public accounting firm for the fiscal year ending March 31, 2025, was ratified with 12,239,546 votes for, 57,393 against, and 8,633 abstained.
A proposal regarding the issuance of up to $6,600,000 of the company's common stock upon the conversion of Series B Convertible Preferred Stock issued in a private placement was rejected by shareholders, with 1,386,617 votes for, 10,912,098 against, and 6,857 abstained.
The company, which is known for its specialization in surgical and medical instruments and apparatus, operates under the ticker symbol NASDAQ:BTCY. The annual meeting's outcomes were filed with the Securities and Exchange Commission (SEC) on Friday, August 16, 2024, as per the 8-K filing. The information is based on a press release statement.
In other recent news, Biotricity Inc., a medical device company, has been notified of its impending delisting from the Nasdaq Capital Market due to non-compliance with the market's minimum value requirement.
The Nasdaq Hearings Panel has determined that Biotricity's common stock does not meet the necessary $35 million market value of listed securities, a significant criterion for continued listing.
The delisting process began with the suspension of Biotricity's shares trading, following a previous notification of non-compliance issued by Nasdaq Listing Qualifications Staff. Despite an extension of the compliance deadline, Biotricity was unable to meet the market value requirement.
Nasdaq plans to finalize the delisting after the appeal period by submitting a Form 25 Notification of Delisting with the U.S. Securities and Exchange Commission. Biotricity, however, has a 15-day window from the receipt of the delisting notice to request a review of the Panel's decision.
InvestingPro Insights
As Biotricity Inc. navigates its corporate governance and shareholder decisions, it's important for investors to consider the company's financial health and market performance. According to InvestingPro data, Biotricity has a market capitalization of $9.2 million and has experienced a revenue growth of 25.15% in the last twelve months as of Q4 2024. Despite this growth, the company's gross profit margin stands at 69.27%, which signals efficiency in controlling the cost of goods sold relative to revenue.
Investors should note a significant discrepancy between the company's performance and its stock price movements. With a 1-year price total return of -82.2%, the market has reacted negatively, possibly reflecting concerns beyond revenue figures. Additionally, Biotricity pays a significant dividend to shareholders, which could be a factor for income-focused investors, as highlighted by one of the InvestingPro Tips. On the flip side, the same InvestingPro Tips indicate concerns about weak gross profit margins and a valuation that implies a poor free cash flow yield, which investors should weigh carefully.
For those looking for a more in-depth analysis, the InvestingPro platform lists several additional tips that could provide further clarity on Biotricity's financial standing and future outlook. Visit the InvestingPro site for a comprehensive list of actionable insights.
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