HOUSTON, TX – Vertex Energy (NASDAQ:VTNR) Inc., a petroleum refining company, held its 2024 Annual Meeting of Stockholders on June 12, where several key decisions were made by its shareholders. The meeting saw the election of directors and the ratification of the company's independent auditors for the upcoming fiscal year.
Shareholders voted to elect five individuals to the company's board of directors. Benjamin P. Cowart received 26,870,367.88 votes for and 1,933,742.75 votes withheld. Dan Borgen was elected with 23,546,989.88 for and 5,257,120.75 withheld. Karen Maston had 23,812,771.88 for and 4,991,338.75 withheld, Timothy C. Harvey received 26,936,808.88 for and 1,867,301.75 withheld, and Odeh Khoury was elected with 25,918,116.88 for and 2,885,993.75 withheld.
In addition to the election of directors, the appointment of Ham, Langston & Brezina, L.L.P. as the company's independent auditors for the fiscal year ending December 31, 2024, was approved with a significant majority of 39,578,203.62 votes for, 511,853.00 against, and 92,514.00 abstentions.
A non-binding stockholder proposal entitled "Directors to be Elected by Majority Vote" did not pass, receiving 12,938,994.00 votes for, 15,753,876.62 against, and 111,240.00 abstentions.
The meeting's outcomes are based on the presence of a quorum, with 40,182,570.62 shares represented in person or by proxy out of the 93,514,346 shares outstanding as of April 22, 2024, the record date for the meeting.
In other recent news, Vertex (NASDAQ:VRTX) Energy has seen significant developments in its operational strategy and financial performance. The company's shares had their price target lowered from $4.00 to $1.50 by a Stifel analyst, following the announcement that Vertex Energy would cease its renewable diesel production. Instead, it will reconfigure its hydrocracker unit to produce conventional finished products, a move that positions the company as a small independent conventional refinery.
This shift in production strategy is expected to contribute an additional $40 million in fuel gross margin. Furthermore, a new off-take agreement for jet fuel has been secured by Vertex Energy, forecasted to enhance profitability by $10 million. In the first quarter of 2024, the company reported an adjusted EBITDA of nearly $20 million, marking a substantial increase from the previous quarter.
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