In a recent 8-K filing with the Securities and Exchange Commission, Zivo Bioscience, Inc., a Nevada-based biotech firm specializing in biological products, reported the outcomes of its annual shareholder meeting held on June 11, 2024. Shareholders voted on several critical matters, including the election of a director, the appointment of an accounting firm, and executive compensation.
At the meeting, shareholders elected Nola E. Masterson as a Class II director to the company's Board of Directors for a three-year term ending at the 2027 annual meeting. Masterson secured the position with 1,155,796 votes in favor, while 80,935 votes were withheld, and there were 625,589 broker non-votes.
Additionally, the shareholders ratified the appointment of BDO USA, LLP as Zivo Bioscience’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal won overwhelming support, with 1,767,252 votes for, 94,680 against, and only 388 abstentions.
The third proposal, which sought approval on an advisory basis of the compensation of the company's named executive officers, also passed with a significant majority. It received 1,191,591 votes in favor, 44,773 against, and 367 abstentions, alongside 625,589 broker non-votes.
The definitive proxy statement detailing these proposals was filed with the SEC on April 26, 2024. The total number of shares represented at the meeting was 1,862,320, accounting for approximately 66.4% of the common stock outstanding as of the record date.
The company's common stock and warrants are traded on the OTCQB and OTC Pink markets, respectively, under the symbols ZIVO and ZIVOW. Zivo Bioscience operates under the organization name 03 Life Sciences, with its principal executive offices located in Bloomfield Hills, Michigan.
In other recent news, ZIVO Bioscience has experienced a change in its stock rating. Maxim (NASDAQ:MXIM) Group downgraded the company's shares from Buy to Hold, citing the company's delisted status and capital constraints as main reasons for the shift. Despite acknowledging the potential of ZIVO's proprietary algal biomass and the possibility of securing a deal for its innovative poultry feed ingredient, the firm removed the previous $12.00 price target for ZIVO's shares.
InvestingPro Insights
In the context of Zivo Bioscience's recent shareholder meeting, investors may find it useful to consider the company's financial metrics and market performance. According to InvestingPro data, Zivo Bioscience currently holds a market capitalization of 26.2 million USD, reflecting its valuation in the market. Despite the challenges highlighted by a negative P/E ratio of -3.7 for the last twelve months as of Q1 2024, the company has experienced a large price uptick of 436.24% over the last six months, indicating a significant turnaround in investor sentiment.
InvestingPro Tips suggest that while analysts anticipate sales growth in the current year, the company has not been profitable over the last twelve months. Additionally, the stock is known to trade with high price volatility, which could be a factor for traders looking for opportunities in the biotech sector. For investors seeking a deeper dive into Zivo Bioscience's performance and potential, InvestingPro offers additional tips and insights—there are 9 more InvestingPro Tips available for Zivo Bioscience, which can be explored further for a comprehensive analysis.
For those interested in leveraging this information, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro. This could provide valuable context as shareholders weigh the company's strategic direction and financial health following the outcomes of the annual meeting.
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