ENGlobal Corp (NASDAQ:ENGC), a provider of engineering and automation services with a current market capitalization of $1.83 million, announced the results of its Annual Meeting of Shareholders held today. According to InvestingPro data, the company's stock has experienced significant volatility, currently trading at $0.36, down about 73% year-to-date. The company, which is incorporated in Nevada and headquartered in Houston, Texas, held the vote to elect directors to its Board and to ratify the appointment of its independent auditors for the fiscal year 2024.
The shareholders voted in favor of all five nominees to the Board of Directors. William A. Coskey, P.E., received 2,796,777 votes for and 17,128 withheld. Christopher D. Sorrells received 2,781,703 votes for and 32,202 withheld. Lloyd G. Kirchner got 2,777,436 votes for and 36,469 withheld. Kevin M. Palma had 2,781,724 votes for and 32,181 withheld, and Margaret K. Lassarat received 2,784,157 votes for and 29,748 withheld. Additionally, there were 103,695 broker non-votes recorded for all directors.
In the second proposal, shareholders ratified the appointment of M&K CPAS, PLLC as the independent auditors for ENGlobal with a vast majority. The vote count for this proposal was 2,912,122 for, 2,626 against, and 2,852 abstentions.
The results indicate a strong shareholder support for the current leadership and their choice of auditors. The company's filing with the Securities and Exchange Commission (SEC) on December 30, 2024, detailed these outcomes, underscoring the transparency and regulatory compliance of ENGlobal's governance.
The election of board members and ratification of auditors is a routine process for publicly traded companies, ensuring appropriate oversight and financial scrutiny. ENGlobal, with its focus on engineering services, has emphasized the importance of sound corporate governance to maintain investor confidence and operational efficiency.
InvestingPro analysis indicates the company currently faces financial challenges, with a weak Financial Health Score of 1.17 out of 5 and gross profit margins of just 6.76%. Subscribers to InvestingPro can access 4 additional key insights about ENGlobal's financial position and market performance.
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