In a recent shareholder meeting held on December 27, 2024, Greenland Technologies Holding Corp. (NASDAQ:GTEC), currently valued at $26.24 million and trading below its InvestingPro Fair Value, concluded its annual general meeting with the re-election of its Class I directors and the ratification of its independent registered public accounting firm for the upcoming fiscal year.
The meeting saw a significant turnout with 58.39% of the votes exercisable as of the record date, December 5, 2024, being present in person or by proxy. The resolutions passed included the re-election of Peter Ming Zhao, Charles Athle Nelson, and Zheng He as Class I directors, each to hold office until the annual general meeting in 2026.
The company maintains a strong financial position, with InvestingPro analysis showing more cash than debt on its balance sheet and liquid assets exceeding short-term obligations.
Peter Ming Zhao was re-elected with 86.53% of the votes in favor, while Charles Athle Nelson received 86.58% approval. Zheng He was re-elected with a higher approval rate of 90.36%. Additionally, shareholders ratified the appointment of Enrome LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, with 87.14% voting in favor.
Moreover, shareholders approved with 82.41% votes the resolution allowing the chairman of the meeting to adjourn the meeting to a later date if necessary. This provision is included to allow for the solicitation of additional proxies in favor of the proposed resolutions if there is not enough shareholder support initially.
This information is based on a press release statement filed with the Securities and Exchange Commission. Greenland Technologies, headquartered in East Windsor, NJ, operates under the industrial machinery and equipment sector and is known for its former name, Greenland Acquisition Corp., before its name change in March 2018.
The company's stock has shown significant volatility, with a 45% gain over the past six months despite recent market challenges. The company's business address and contact information remain unchanged, as stated in the SEC filing. Discover more detailed financial insights and 6 additional ProTips with InvestingPro.
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