BOCA RATON, FL – TherapeuticsMD, Inc. (NASDAQ:TXMD), a pharmaceutical company with a market capitalization of $14.5 million, conducted its 2024 Annual Meeting on Thursday, where stockholders voted on several key proposals, including the election of board members and executive compensation.
The company's shares, which have declined 41% year-to-date, currently trade at $1.26. According to InvestingPro, the stock appears slightly undervalued based on its Fair Value analysis, with multiple ProTips indicating potential growth opportunities.
The company, which trades on the Nasdaq Stock Market under the symbol TXMD, announced that all four director nominees were elected to serve until the next annual meeting. The elected directors are Tommy G. Thompson, Cooper C. Collins, Dr. Gail K. Naughton, and Justin Roberts.
The stockholders also approved, on a non-binding advisory basis, the compensation of the company's named executive officers for the fiscal year that ended on December 31, 2023. InvestingPro data shows the company maintains a healthy current ratio of 2.03 and operates with a moderate level of debt.
Additionally, the appointment of Berkowitz Pollack Brant Advisors + CPAs, LLP as the independent auditor for the fiscal year ending December 31, 2024, was ratified by the stockholders.
The meeting, which took place virtually, saw a quorum with 6,832,199 shares represented. The company, headquartered at 951 Yamato Road, Suite 220, Boca Raton, FL, has been in operation under various names, with TherapeuticsMD being the current incarnation since a name change from AMHN, Inc. in 2009.
The voting results for the election of directors were as follows: Tommy G. Thompson received 4,599,014 votes for and 259,277 withheld; Cooper C. Collins received 4,730,129 votes for and 128,162 withheld; Dr. Gail K. Naughton received 4,635,015 votes for and 223,276 withheld; and Justin Roberts received 4,625,873 votes for and 232,418 withheld. There were 1,973,908 broker non-votes for each nominee.
For the approval of executive compensation, 4,609,794 votes were cast in favor, 218,147 against, and 30,350 abstained, with 1,973,908 broker non-votes.
The ratification of the independent auditor saw 6,436,990 votes in favor, 383,240 against, and 11,969 abstentions.
These results were filed in accordance with SEC regulations and reflect the decisions made by the stockholders of TherapeuticsMD. The company, led by CEO Marlan Walker, continues its operations in the pharmaceutical industry, focusing on preparations classified under the standard industrial classification code 2834. While not currently profitable, InvestingPro analysts project revenue growth of 5.9% and expect the company to achieve profitability this year.
The information for this article is based on a press release statement and InvestingPro data.
In other recent news, TherapeuticsMD, a pharmaceutical firm, has revised the deadline for shareholder proposals for its 2024 Annual Meeting of Stockholders. The company made this announcement after recognizing that the meeting date deviates by more than thirty days from the previous year's meeting, rendering prior deadlines invalid.
Shareholders interested in submitting proposals under Rule 14a-8 of the Exchange Act now have until September 30, 2024, to send their written proposals. This adjustment gives TherapeuticsMD ample time to integrate these proposals into its proxy materials, all of which must comply with SEC rules.
Moreover, shareholders wishing to nominate directors or introduce other matters at the meeting must also provide written notice to the company by the same date. These recent developments are part of the company's ongoing efforts to ensure smooth operations and adherence to its bylaws.
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