In a recent filing with the Securities and Exchange Commission, Moolec Science SA (NASDAQ: MLEC), a biotechnology company specializing in molecular farming with a market capitalization of $31.21 million, announced the outcome of its 2024 Annual Shareholders' Meeting (AGM) and Extraordinary General Meeting (EGM), which took place on December 27, 2024.
According to InvestingPro data, the company has faced significant challenges, with its stock declining nearly 67% over the past year. The meetings resulted in significant decisions, including the transfer of the company's central administration and registered office from Luxembourg to the Cayman Islands.
While the company maintains a solid current ratio of 1.69, indicating sufficient liquidity to meet short-term obligations, InvestingPro analysis reveals challenges with cash burn and profit margins. Subscribers can access 11 additional ProTips and comprehensive financial metrics through InvestingPro's detailed research reports.
Shareholders at the AGM approved the company's annual accounts for the fiscal year ending June 30, 2024, and agreed upon the allocation of the fiscal year's results. Additionally, they granted discharge to the directors and the approved statutory auditor of the company. The AGM also saw the reappointment of directors Kyle P. Bransfield, Jose Lopez Lecube, Gastón Paladini, Natalia Zang, and Esteban Corley for the upcoming fiscal year, and the reappointment of the company's approved statutory auditor.
During the EGM, shareholders voted in favor of the company's relocation to the Cayman Islands, with the change expected to take effect on the date the application for continuation is filed with the Cayman Islands Registrar of Companies. The move includes the adoption of new memorandum and articles of association to comply with Cayman Islands law, as well as the appointment of new directors effective from the date of the company's legal change of nationality.
The decisions made at both the AGM and EGM reflect the company's strategic plans and follow all necessary legal procedures as outlined in the company's articles of association and applicable laws. The shareholders' approval of the transfer to the Cayman Islands is a significant step in Moolec Science's corporate development.
The information reported is based on the company's Form 6-K filing with the SEC and does not include any speculative or forward-looking statements.
With annual revenue of $5.63 million and significant operational developments underway, investors seeking deeper insights can access InvestingPro's comprehensive analysis, which includes Fair Value estimates, financial health scores, and expert research reports available for over 1,400 US-listed companies.
In other recent news, Moolec Science has reported a substantial increase in its revenue to $5.8 million during its fourth quarter and full fiscal year 2024 earnings call, a significant rise from $1 million in the previous year. The company's genetically engineered peas, designed to produce iron through bovine meat proteins, have received regulatory clearance from the U.S. Department of Agriculture's Animal and Plant Health Inspection Service. This approval marks the third for Moolec Science within an 18-month period, following the clearance of its genetically engineered safflower and soybean products.
In terms of analyst outlook, Maxim Group adjusted its financial outlook for Moolec Science, reducing the price target from $6.00 to $3.00, while maintaining a Buy rating on the stock. This adjustment followed Moolec's fiscal fourth-quarter results, which showed revenues surpassing the firm's expectations, although the loss per share was slightly greater than anticipated.
Other recent developments include the company's plans to commercialize its Glaso product, which is expected to contribute approximately 15% to the projected $6 million revenue for the soy protein ingredient business in 2025.
Moolec Science is also establishing a new operational hub in the U.S to enhance team collaboration and efficiency, and is expanding its research and development, focusing on new proteins and molecular products. The company has also signed a three-year offtake agreement for Glaso with a major global CPG company, indicating strong market demand.
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