Mannatech Incorporated (NASDAQ:MTEX), a Texas-based health and wellness company, announced the results of its 2024 Annual Shareholders' Meeting, held on Tuesday. The company, known for its medicinal chemicals and botanical products, saw the re-election of its Class I directors and the ratification of its independent public accounting firm.
During the meeting, a significant majority of the shareholders, representing approximately 62.1% of the total shares outstanding, cast their votes. Larry A. Jobe and Kevin Robbins, the Class I directors, were re-elected with 650,526 and 852,704 votes for, respectively. There were 217,958 withheld votes for Jobe and 15,780 for Robbins, with 301,153 broker non-votes for each.
Additionally, shareholders ratified the appointment of BDO USA, P.C. as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with an overwhelming majority of 1,155,620 votes for, 11,025 against, and 2,992 abstentions.
The shareholders also approved, on an advisory basis, the executive compensation, commonly referred to as "Say-on-Pay." The proposal received 840,162 votes in favor, 26,601 against, and 1,721 abstentions, with 301,153 broker non-votes.
Mannatech, incorporated under the name 03 Life Sciences, is headquartered in Flower Mound, Texas, and has been a player in the health and wellness industry with a focus on medicinal chemicals and botanical products.
This news is based on the latest 8-K filing by Mannatech with the Securities and Exchange Commission.
In other recent news, Mannatech, Incorporated has unveiled its expansion into the Thailand market, a strategic move that marks the company's presence in 26 markets globally. This expansion is the firm's first in several years and is aimed at introducing its Glycan technology-based products to a new demographic. The Thailand direct sales market, valued at about $3.1 billion, and the dietary supplement market, which reached $3.9 billion in 2020, present substantial growth potential for Mannatech.
The company's CEO, Landen Fredrick, has expressed confidence in the compatibility of Mannatech's products and business model with the Thai market. The launch, led by Roh Jae-hong, General Manager of Mannatech Korea, follows extensive market research. The new Thailand office, located at No. 90 Ratchadaphisek Road, Bangkok, is set up to support the company's independent sales Associates through meetings and training sessions.
This expansion is part of Mannatech's broader strategy to pioneer the Southeast Asian market, with Thailand serving as a key entry point. These recent developments align with the company's anticipated path towards a healthier future in Thailand and beyond.
InvestingPro Insights
In light of Mannatech Incorporated's recent annual shareholders' meeting, a closer look at the company's financial metrics and market performance provides additional context for investors. According to InvestingPro data, Mannatech currently holds a market capitalization of $15.04 million and boasts an impressive gross profit margin of 78.01% for the last twelve months as of Q1 2024. Despite a decrease in revenue growth during the same period, the company's strong profit margins and shareholder yield remain noteworthy. Mannatech also offers a substantial dividend yield of 10.03%, reflecting its commitment to returning value to shareholders.
Two InvestingPro Tips highlight key aspects for potential investors: Mannatech holds more cash than debt on its balance sheet, providing financial stability, and it trades at a low revenue valuation multiple, suggesting the stock might be undervalued. However, the tip that the stock's RSI indicates it is in overbought territory could signal caution for those considering immediate investment. For those interested in a deeper analysis, InvestingPro has additional tips on Mannatech, and users can apply the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these insights, investors can make more informed decisions regarding their interest in Mannatech Incorporated.
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