CULVER CITY, CA – Snail, Inc. (NASDAQ:SNAL), a company specializing in prepackaged software, announced the results of its 2024 Annual Meeting of Stockholders, which took place on Sunday. The company, which is formerly known as Snail Games USA, Inc., saw the election of eight directors to its board and the ratification of its independent auditor for the upcoming fiscal year.
At the meeting, shareholders cast their votes on two main proposals. The first proposal involved the election of board directors, where each nominee received overwhelming support, with Hai Shi securing the highest number of votes at 287,559,301 and Ryan Jamieson receiving the least, yet substantial, support with 287,581,062 votes. No nominee had more than 30,152 votes withheld, and there were 5,550,816 broker non-votes for each director.
The second proposal was the ratification of BDO USA, P.C. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. Shareholders showed strong approval with 293,102,891 votes in favor, 25,237 against, and 12,141 abstentions.
The shareholder meeting achieved a high level of participation, with 34,403,049 shares represented, accounting for 93.59% of Snail, Inc.'s outstanding common stock. The company's Class A common stock carries one vote per share, while the Class B common stock has ten votes per share.
The information for this report is based on the company's recent SEC filing.
In other recent news, Snail Inc. has seen a significant shift in its stock target from Noble Capital. The firm has lowered the target to $6.00 from $9.00 while maintaining an outperform rating. This adjustment comes as the firm recalibrates its forecast for the company's adjusted EBITDA in 2025, with Snail Inc.'s shares trading at a multiple significantly below the industry average.
In other developments, Snail Inc. has launched its new game, Bellwright, in Early Access. This strategic move aims to strengthen the company's reputation in the gaming industry, allowing players to explore a fantasy world and lead a rebellion against a tyrant. The Early Access release is designed to gather player feedback and refine the game further.
In leadership changes, Snail Inc. has announced the resignation of Jim S. Tsai as Chief Executive Officer, effective immediately. Hai Shi and Xuedong (Tony) Tian were appointed as the new Co-Chief Executive Officers of Snail, effective the same day. Tsai will continue to serve on the Board of Directors and assist with the transition until May 15, 2024.
InvestingPro Insights
As Snail, Inc. (NASDAQ:SNAL) navigates through its fiscal year with a newly elected board of directors and auditors, investors may be interested in the company's current financial health and market performance. According to InvestingPro data, Snail, Inc. holds a market cap of approximately $30.14 million and has experienced a revenue growth of 2.86% over the last twelve months as of Q1 2024. Despite this growth, the company's stock is trading near its 52-week low and has seen a significant price total return decrease of 31.67% over the last six months.
InvestingPro Tips highlight that Snail, Inc. is trading at a high Price / Book multiple of 5.35, which investors might find concerning given the company's negative operating income margin of -14.59% and a lack of profitability over the last twelve months. Additionally, analysts anticipate sales growth in the current year, which could indicate potential for recovery or growth ahead.
For those looking to delve deeper into the financials and future prospects of Snail, Inc., InvestingPro offers additional insights and tips. There are 9 more InvestingPro Tips available, which can provide a more comprehensive analysis of the company's situation. Interested investors can access these tips and take advantage of a special offer using coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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