In a recent filing with the Securities and Exchange Commission, Netlist (OTC:NLST) Inc. announced the outcomes of its Annual Meeting of Stockholders, which took place on Wednesday. The Irvine, California-based semiconductor company, which specializes in memory subsystems and is traded under the symbol NLST, disclosed the re-election of a key director and the ratification of its independent accounting firm for the upcoming fiscal year.
The stockholders re-elected Chun K. Hong to the company's Board of Directors. Hong received a substantial majority of votes, with 44,107,949 votes for and 2,565,259 withheld. There were also 92,273,310 broker non-votes, which are shares represented at the meeting but not voted on a particular proposal because brokers have not received instructions from the beneficial owners or persons entitled to vote.
Additionally, the stockholders ratified the appointment of Macias Gini & O'Connell LLP as Netlist's independent registered public accounting firm for the fiscal year ending December 28, 2024. The accounting firm's appointment was confirmed with 135,311,084 votes in favor, 1,532,532 against, and 2,102,902 abstentions.
In other recent news, Netlist has reported a considerable increase in its Q2 2024 revenue, which reached $36.8 million. This surge in revenue is attributed to two major legal victories and a strong product roadmap that focuses on AI memory technologies.
The company won a $303 million patent infringement case against Samsung (KS:005930) and a $445 million case against Micron (NASDAQ:MU), both of which are anticipated to positively impact future earnings.
Netlist concluded Q2 with a cash balance of $36.4 million and forecasts a moderate increase in revenue for the next quarter. The company's product roadmap includes AI memory technologies such as high bandwidth memory, DDR5 memory, and CXL. Furthermore, Netlist expects its gross margins to expand in the upcoming quarters due to higher pricing on resale products.
Despite the recent legal victories, it is anticipated that Micron will appeal the $445 million verdict. Netlist is also expecting significant market adoption of its flash-based CXL product, although this may still be one to two years away. These are some of the recent developments surrounding the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.