Dawson Geophysical Company (NASDAQ:DWSN), a Texas-based firm specializing in oil and gas field exploration services, disclosed the outcomes of its recent Annual Meeting of Stockholders in a Form 8-K filed with the Securities and Exchange Commission today. The meeting, which took place last Monday, June 18, 2024, saw a strong turnout with approximately 89% of the outstanding shares represented.
At the meeting, shareholders elected all nominees to the company's board of directors for one-year terms. The directors, who will serve until the 2025 Annual Meeting or until their successors are elected, include Matthew Wilks, Bruce Bradley, Albert Conly, Jose Carlos Fernandes, and Sergei Krylov. The election results showed a clear majority in favor of each nominee, with the lowest number of votes for a director nominee being 23,217,849.
In addition to the board elections, Dawson Geophysical's stockholders ratified the appointment of RSM US LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal received overwhelming support, with 27,308,767 votes in favor.
The third proposal on the agenda was the non-binding, advisory approval of the compensation of the company's named executive officers for the 2023 fiscal year. This too passed, albeit with a notably smaller margin compared to the other proposals, garnering 2,548,909 votes for, 135,087 against, and 4,193 abstentions.
The results of the Annual Meeting reflect the shareholders' decisions on key governance and oversight aspects of Dawson Geophysical's operations. The company, listed on The NASDAQ Stock Market under the ticker symbol NASDAQ:DWSN, is known for providing geophysical services to major oil and gas companies.
This report is based on the information contained in the SEC filing and does not include any additional analysis or speculative commentary.
InvestingPro Insights
In light of Dawson Geophysical's recent Annual Meeting, current and prospective investors may find it valuable to consider some key financial metrics and InvestingPro Tips. As of Q1 2024, the company holds a market capitalization of $59.47 million and has experienced a notable revenue growth of 67.54% over the last twelve months. Despite not paying dividends, Dawson Geophysical has been lauded for its strong shareholder yield and the fact that its liquid assets surpass its short-term obligations, which may appeal to investors looking for companies with a solid liquidity position.
InvestingPro Tips suggest that while Dawson Geophysical is trading at a high EBITDA valuation multiple and is not profitable over the last twelve months, it has shown a strong return over the last three months with a price total return of 61.34%. Additionally, the company's cash position is stronger than its debt levels, which could provide financial flexibility in its operations.
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