Onfolio Holdings Inc. (NASDAQ:ONFO), a computer processing and data preparation services company, announced the results of its Annual Meeting held on August 7, 2024. Shareholders voted on several key proposals, including the election of directors and a reverse stock split.
The election of directors saw all nominated members securing their positions on the board. Dominic Wells, Andrew Lawrence, David McKeegan, Robert J. Lipstein, and Mark N. Schwartz were elected to serve until the 2025 Annual Meeting. The voting results showed a significant majority in favor, with Wells, McKeegan, Lipstein, and Schwartz each receiving 2,328,382 votes for, and Lawrence receiving 2,313,431 votes for. Votes withheld ranged from 12,604 to 27,555, and there were no abstentions. Broker non-votes were reported at 954,503 for each candidate.
Additionally, the appointment of Astra Audit & Advisory, LLC as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 3,121,601 votes for, 155,724 against, and 18,164 abstentions.
One of the most significant decisions made during the meeting was the approval of a reverse stock split. Shareholders voted in favor of an amendment to the Certificate of Incorporation to enable a reverse stock split of the company’s issued and outstanding common stock at an exchange ratio ranging from 1-for-2 to 1-for-5, as determined by the board of directors. The measure passed with 2,978,085 votes for, 307,633 against, and 9,771 abstentions.
The reverse stock split is intended to increase the per-share trading price of Onfolio Holdings' common stock, which may improve its marketability and facilitate its continued listing on the Nasdaq Capital Market. The specific ratio and timing of the reverse stock split will be decided by the board of directors at their discretion.
In other recent news, Onfolio Holdings Inc. has been actively expanding its portfolio through strategic acquisitions. The company recently acquired a majority stake in DDS Rank, a digital marketing service provider for dentists, for $600,000. DDS Rank reported revenues of approximately $310,000 in 2023, with an adjusted EBITDA of $190,000. Onfolio anticipates it can double DDS Rank's revenue and EBITDA within the next two fiscal quarters through enhanced marketing and operational efficiencies.
Simultaneously, Onfolio Holdings also announced the acquisition of the business assets of First Page Strategy through its subsidiary, RevenueZen LLC. First Page Strategy, a B2B content marketing, SEO, and advertising consulting firm, reported approximately $190k in revenue for Q1 of 2024, with an annualized revenue run rate of $760k. This acquisition is expected to result in significant cost savings and additional revenue for Onfolio by consolidating work previously outsourced.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.