LOS ANGELES - Shareholders of ChromaDex Corp., a company specializing in medicinal chemicals and botanical products, cast their votes on several key proposals at the Annual Meeting held on June 20, 2024. The results of the meeting, which were filed with the SEC today, reveal that all nominated directors were elected to serve another term, and the appointment of the company's independent auditors was ratified.
During the meeting, shareholders elected seven directors to the board, with Frank L. Jaksch, Jr., Robert Fried, Steven Rubin, Wendy Yu, Gary Ng, Kristin Patrick, and Ann Cohen securing their positions for another year. Hamed Shahbazi was also elected, albeit with a notably higher number of withheld votes. Each director will serve until the 2025 Annual Meeting of Stockholders or until their successors are elected.
The election results showed strong support for the directors, with Jaksch receiving 41,270,966 votes for and 842,200 withheld, and Fried receiving a similar level of support with 41,273,473 votes for and 839,693 withheld. The broker non-votes, which are votes where brokers are not authorized to vote on behalf of the shareholders, were consistently high across all directors, totaling 10,946,315.
Moreover, shareholders approved, on an advisory basis, the compensation paid to the company's named executive officers, with 40,766,034 votes for, 882,683 against, and 464,449 abstentions. The non-binding nature of this "say on pay" vote reflects shareholders' opinions on the company's executive compensation policies.
The ratification of Marcum LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was passed with an overwhelming majority of 49,577,783 votes for, 3,398,048 against, and 83,650 abstentions. Unlike the other proposals, this vote did not involve any broker non-votes.
ChromaDex, previously known as Cody Resources, Inc. until its name change in 2007, is incorporated in Delaware and has its executive offices in Los Angeles, California. The company's common stock is traded on The Nasdaq Capital Market under the ticker symbol CDXC.
This report is based on a press release statement and provides a concise summary of the results from the recent shareholder meeting of ChromaDex Corp.
In other recent news, ChromaDex Corporation reported a promising start to 2024, posting a revenue of $22.2 million along with a positive adjusted EBITDA of $0.7 million for the first quarter. E-commerce sales, which saw a 5% increase year over year, played a significant role in this performance.
The company also announced strategic partnerships with Sprouts Farmers (NASDAQ:SFM) Market and Vitamin Shoppe, aiming to boost the distribution of its flagship product, Tru Niagen.
ChromaDex is ramping up its research and development efforts, with promising outcomes from preclinical studies related to the health benefits of its offerings. The company ended the quarter with a robust financial position, having $27.6 million in cash and no debt. However, it reported an operating loss of $0.7 million, an improvement from the previous year.
In terms of future developments, ChromaDex anticipates heavier investments in R&D during the first half of the year, expecting an overall annual revenue growth of 16%. It is also exploring new partnerships and product launches. Despite these positive developments, the company is preparing for increased spending in R&D and general and administrative expenses to support its strategic initiatives.
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