On September 17, 2024, Network-1 Technologies, Inc., a company specializing in patent ownership and leasing, held its Annual Meeting of Stockholders, resulting in the re-election of its board of directors and the ratification of its independent auditor. The meeting, which took place in New Canaan, Connecticut, saw shareholders vote on several key proposals.
The elected directors are Corey M. Horowitz, Jonathan Greene, Allison Hoffman, and Niv Harizman. Horowitz, who also serves as the company's Chairman and CEO, received the highest number of votes in favor, with 12,296,860 votes for and 1,848,298 withheld.
Greene had 10,478,829 votes for and 3,666,329 withheld, Hoffman garnered 12,309,363 votes for and 1,835,795 withheld, while Harizman received 10,602,009 votes for and 3,543,149 withheld. There were 3,107,242 broker non-votes for each candidate.
In addition to the election of directors, shareholders approved, by non-binding advisory vote, the compensation of the company's named executive officers, commonly referred to as "Say on Pay." The vote count for this proposal was 9,377,761 for, 4,760,461 against, and 6,936 abstentions, with 3,107,242 broker non-votes.
Shareholders also voted on the frequency of future non-binding advisory votes on executive compensation. The majority favored an annual frequency, with 10,333,543 votes for one year, 2,596,044 for two years, 387,509 for three years, and 828,062 abstentions, along with 3,107,242 broker non-votes.
Finally, the appointment of Marcum LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a significant majority. The vote count was 16,089,556 for, 1,059,951 against, and 102,893 abstentions.
This report is based on the information provided in a press release statement filed with the Securities and Exchange Commission.
In other recent news, Network-1 Technologies, known for its work in the ownership and management of intellectual property, has announced a change in its board of directors. Emanuel Pearlman, a long-standing board member, has expressed his intention not to seek re-election at the 2024 annual meeting of stockholders. His decision, driven by personal reasons, is not linked to any disagreements with the company's operations, policies, or practices.
Pearlman's decision to leave the board will not disrupt Network-1 Technologies' strategic direction or ongoing business activities, as per the company's statement. The company's management, led by Chairman and Chief Executive Officer Corey M. Horowitz, has not yet announced a successor for Pearlman or detailed how the board intends to address the vacancy.
These are recent developments within Network-1 Technologies, providing investors with timely updates about changes in the company's governance structure.
InvestingPro Insights
In light of the recent Annual Meeting of Stockholders for Network-1 Technologies, Inc., current and potential investors might find the latest metrics from InvestingPro particularly informative. The company holds a market capitalization of approximately $35.87 million and, as of last twelve months ending Q2 2024, reported a significant revenue growth of 129.39%. Despite this impressive top-line expansion, the company faced a quarterly revenue decline of 64.66% in Q2 2024, reflecting potential volatility in its revenue streams.
InvestingPro Tips highlight that Network-1 Technologies is trading near its 52-week low, with a price 61.02% of its 52-week high, which could indicate a potential entry point for value investors. Additionally, the company pays a notable dividend yield of 6.45%, rewarding shareholders even as it navigates through profitability challenges. It's worth noting, however, that the company was not profitable over the last twelve months, which is reflected in its negative P/E ratios of -18.84 and an adjusted -21.88.
For those considering an investment, the InvestingPro platform offers additional insights, including an analysis of the company's cash position, which is stronger than its debt levels, and an evaluation of its shareholder yield. With these considerations in mind, investors can access a total of 7 InvestingPro Tips for a more comprehensive understanding of Network-1 Technologies' financial health and investment potential at https://www.investing.com/pro/NTIP.
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