In a recent filing with the Securities and Exchange Commission, CBAK Energy Technology, Inc. (NASDAQ:CBAT), a profitable energy technology company with $207 million in revenue and an $80 million market cap, disclosed the outcomes of its annual stockholder meeting held on Thursday, December 6, 2024. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment.
The meeting, which took place at the company's headquarters in Dalian, China, saw the election of five directors to its board and the ratification of its independent registered public accounting firm for the upcoming fiscal year.
The election results for the board of directors were as follows: Yunfei Li received 33,451,291 votes for, 186,235 against, and 49,060 abstentions; J. Simon Xue with 32,723,571 for, 914,402 against, and 48,612 abstentions; Martha C. Agee secured 32,561,516 for, 1,077,889 against, and 47,180 abstentions; Jianjun He had 32,544,455 for, 1,089,625 against, and 52,505 abstentions; and Xiangyu Pei received 33,452,896 for, 182,633 against, and 51,056 abstentions. All elected directors are to serve until the 2025 annual meeting of stockholders.
Additionally, the stockholders ratified the appointment of ARK Pro CPA & Co as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal passed with 46,674,567 votes for, 924,303 against, and 322,051 abstentions.
The quorum for the meeting was achieved with 47,920,922 shares of common stock represented, equating to 53.28% of the total outstanding shares as of the record date, October 8, 2024.
The NASDAQ-listed company, trading under the symbol NASDAQ:CBAT, is known for its role in the miscellaneous electrical machinery, equipment, and supplies industry.
Trading at attractive multiples with a P/E ratio of 7.04 and P/B of 0.61, the company maintains a GOOD financial health score according to InvestingPro, which offers 12 additional valuable insights about CBAT's financial position and growth prospects in its comprehensive Pro Research Report. This information is based on a press release statement.
In other recent news, CBAK Energy Technology, Inc. reported mixed Q3 results, with a slight decline in net revenue to $33.5 million but an 18.4% year-on-year increase for the first nine months, reaching $114 million. This came despite a temporary halt in production at the Dalian facility for upgrades. The battery business showed a strong gross profit margin and received substantial orders, including a significant one from Anker.
In addition, the company's Nanjing factory became profitable ahead of schedule and plans are in place for expansion in 2025. CBAK Energy's R&D advancements include a new 26650 cylindrical battery with rapid charging capabilities.
Management highlighted the growing demand for light electric vehicles in Southeast Asia and potential expansion into the U.S. market as key future growth opportunities. Despite the decrease in Q3 net revenue, the company's strategic shifts, robust order book, and positive gross margin trajectory position it well in the global battery technology market.
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