CARY, NC - Fathom Holdings Inc., a real estate agency and management firm, announced today a significant amendment to its 2019 Omnibus Stock Incentive Plan following shareholder approval.
The amendment, which was initially approved by the company's board of directors on June 28, 2024, increases the share reserve by 1,600,000 shares, bringing the total to 7,360,778 shares.
This decision was made at the company's Annual Meeting held today, where six directors were elected to serve on the board for a one-year term. The directors elected include Marco Fregenal, Scott Flanders, Ravila Gupta, David Hood, Stephen Murray, and Jennifer Venable, with Fregenal receiving the highest number of votes for re-election.
In addition to the expansion of the stock incentive plan, shareholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm's selection received an overwhelming majority of the votes.
The approval of the stock incentive plan amendment by the shareholders reflects a strategic move by Fathom Holdings to potentially reward and motivate employees, directors, and consultants with an increased pool of shares for incentives.
Fathom Holdings, listed on the Nasdaq Capital Market under the ticker symbol NASDAQ:FTHM, operates within the real estate sector, providing services through its proprietary technology platform. The company's headquarters are located in Cary, North Carolina, and it operates under the 05 Real Estate & Construction organization name.
In other recent news, Fathom Holdings has reported a decrease in total revenue for the second quarter of 2024. The company also introduced two new commission plans, Fathom Max and Fathom Share, aimed at improving agent recruitment and retention.
Despite the revenue dip, the company saw a 12% increase in its real estate agent network and significant growth in its mortgage business. The sale of its insurance business added a notable $15 million to its cash reserves.
Fathom Holdings' Q2 2024 revenue decreased by 10.9% to $89.2 million, while the real estate agent network grew to approximately 12,224 licenses. The mortgage business revenue saw an impressive increase of 85% to $3.7 million. However, the company's plans to reassess financial guidance in Q4 2024 due to new revenue share models are worth noting.
In light of these developments, Fathom Holdings is aiming for sustainable growth and increased profitability through new commission plans and ancillary businesses. The company is striving for positive free cash flow and a 30% or higher agent growth rate.
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