Sadot Group Inc. (NASDAQ:SDOT), a $21.42 million market cap company in the food and beverage retail industry with annual revenues of $655.94 million, reported the results of its Annual Meeting held on Monday. According to InvestingPro data, the company maintains a GOOD financial health score and appears undervalued based on current market prices. The meeting saw the election of a new board of directors and the ratification of the company's independent auditor for the upcoming fiscal year.
At the Annual Meeting, shareholders voted on several key proposals. The first was the election of 11 directors to the board, with all nominees receiving a majority of votes. Among those elected were Kevin Mohan, Jeff Carl, and Stephen A. Spanos. The appointed directors will serve until their successors are elected or until their earlier death, resignation, or removal.
The second proposal was the ratification of Kreit & Chiu CPA LLP as the independent registered public accounting firm for the year ending December 31, 2024. The appointment was approved by a significant majority, with 3,331,117 votes in favor.
Additionally, shareholders approved, on an advisory basis, the compensation of the company's named executive officers as detailed in the proxy statement. The approval was based on a majority of the shares cast, with 1,979,652 votes for the compensation package.
Lastly, shareholders voted on the frequency of future advisory votes on executive compensation, choosing between one, two, or three years, or abstaining. The option of one year received the majority of votes, with 1,514,151 in favor.
The results of the Annual Meeting are based on the presence of a quorum, with 3,460,388 shares represented out of the 5,742,441 outstanding shares as of the record date, October 28, 2024.
The company, formerly known as Muscle Maker, Inc., operates under the organization name 07 Trade & Services and is headquartered in Burleson, Texas. Sadot Group is traded on The Nasdaq Stock Market under the ticker symbol NASDAQ:SDOT.
In other recent news, Sadot Group reported preliminary revenue results for November 2024, with the unaudited figure standing at $87.9 million. In the same period, the company executed a 1-for-10 reverse stock split, reducing its outstanding shares from approximately 57.4 million to about 5.74 million. This move was in compliance with NASDAQ's minimum share price requirement for continued listing.
Sadot Group also successfully regained compliance with the Nasdaq's minimum bid price requirement, a critical step for maintaining its listing on the exchange. The company has been making strategic moves, such as selling its Superfit Foods LLC asset, marking the start of its exit from the restaurant industry to focus on its core agri-commodity businesses.
In terms of expansion, Sadot Group initiated its first trades through its new Canadian subsidiary, Sadot Canada Inc., and conducted its first agri-commodity trade in Brazil via its subsidiary, Sadot Brasil Ltda. These recent developments indicate a diversification strategy in the $7.3 billion sesame market.
Lastly, the company completed the refranchising of its last company-owned Muscle Maker Grill location, transitioning to a fully franchised model. These are the latest developments in Sadot Group's ongoing efforts to refine its focus and streamline operations.
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