Cenntro Inc. (NASDAQ:CENN), a company specializing in motor vehicles and passenger car bodies with a market capitalization of $32 million and annual revenue of $37 million, announced the results of its annual stockholders meeting held on Thursday.
According to InvestingPro data, the company maintains a healthy current ratio of 2.7, though it operates with modest gross profit margins of about 15%. The meeting saw the election of four director nominees and the ratification of the company's independent registered public accounting firm for the upcoming fiscal year.
During the annual meeting, a quorum of 12,765,850 votes was present, allowing for the necessary decisions to be made. Stockholders voted to elect Peter Z. Wang, Jiawei "Joe" Tong, Benjamin B. Ge, and Yi Zeng to the company's Board of Directors, each to serve until the 2025 Annual Meeting of Stockholders or until their successors are elected and qualified. The election results were as follows: Peter Z. Wang received 8,260,841 votes for, 393,828 against, and 29,530 abstentions; Jiawei "Joe" Tong had 7,955,227 votes for, 696,962 against, and 32,010 abstentions; Benjamin B. Ge was elected with 7,957,861 votes for, 696,955 against, and 29,383 abstentions; and Yi Zeng garnered 8,359,065 votes for, 293,526 against, and 31,608 abstentions.
Additionally, the appointment of GGF CPA LTD as Cenntro's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 11,910,831 votes for and 855,019 against.
A proposal to adjourn the Annual Meeting in the event of insufficient votes to approve the Director Election or Appointment Proposals was also approved, with 11,641,930 votes for and 1,123,920 against.
The results of the meeting are detailed in the company's 8-K filing with the U.S. Securities and Exchange Commission. This report provides a snapshot of the company's governance and oversight as it moves into the next fiscal year.
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