WESTMINSTER, CA—BioLargo, Inc., a Delaware-incorporated company specializing in chemicals and allied products, announced the results of its annual stockholder meeting held on June 13, 2024. The meeting concluded with the re-election of its seven-member board and approval of executive compensation, among other items.
The stockholders voted in favor of re-electing all seven directors to the board: Dennis P. Calvert, Kenneth R. Code, Dennis E. Marshall, Joseph L. Provenzano, Jack B. Strommen, Linda Park, and Christina Bray. The proposal to approve the compensation of the company’s named executive officers was also passed with 96.5% of the votes in favor.
Additionally, the appointment of Hacker Johnson & Smith PA as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with a 98.9% approval rate. The same percentage of votes was garnered for the adoption of the 2024 Equity Incentive Plan.
BioLargo, previously known as NuWay Medical Inc, NuWay Energy Inc, and Latin American Casinos Inc, has a history of name changes, with the latest occurring in February 2003. The company, with its principal executive offices located at 14921 Chestnut St., Westminster, California, is listed on the OTCQB under the trading symbol BLGO.
The annual meeting outcomes are based on a press release statement and are in accordance with Delaware law and the company’s bylaws. The detailed voting results for each proposal demonstrate the confidence of the shareholders in the company's current management and strategic direction.
In other recent news, BioLargo's year-over-year revenue growth for the fourth quarter of 2023 was reported to have significantly increased by 108%, surpassing expectations. This surge in revenue is largely due to the success of its consumer product, Pooph, which continues to see rapid sales growth. In addition to this, BioLargo has embarked on its first project focused on PFAS (per- and polyfluoroalkyl substances) remediation, indicating a strategic expansion into environmental services.
Singular Research, in response to these recent developments, has upgraded BioLargo's stock rating from Buy-Venture to Buy and raised its price target to $0.45. The firm cited the consumer appeal of Pooph, the significant potential in the PFAS remediation market, and the promising developments in BioLargo's medical care product line as reasons for their positive outlook on the company's future.
These factors have led to the revised price target, reflecting confidence in BioLargo's ongoing success and growth. Investors and market watchers will continue to monitor BioLargo's progress, particularly in the areas of consumer products, environmental remediation, and medical care.
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