Comtech Telecommunications Corp (NASDAQ:CMTL), currently trading at $2.66 and down over 65% in the past year according to InvestingPro data, announced on Monday the results from its Fiscal 2024 Annual Meeting of Stockholders. The meeting, which took place on January 13, 2025, led to the approval of all proposals as recommended by the company's Board of Directors.
The election of directors was a primary focus of the meeting. Six nominees were successfully elected to the Board with a significant majority voting in favor. The elected directors include Kenneth H. Traub, Rear Admiral (Ret.) Wendi B. Carpenter, Lieutenant General (Ret.) Bruce T. Crawford, Michael J. Hildebrandt, Mark R. Quinlan, and Lawrence J. Waldman.
Notably, John Ratigan, who resigned as President and CEO and as a director effective on the same day, had withdrawn his candidacy, and votes for him were not counted. This leadership transition comes at a crucial time, as InvestingPro data shows the company operating with a significant debt burden while analysts project a return to profitability in fiscal year 2025.
In addition to board elections, shareholders approved, on an advisory basis, the compensation of the Named Executive Officers. The proposal received a majority of votes with 30,753,587 for, 8,081,082 against, and 824,636 abstentions.
The non-binding ratification of Deloitte & Touche LLP as the company's independent registered public accounting firm for the fiscal year ending July 31, 2025, was also approved with an overwhelming majority of 44,472,934 votes for, 315,426 against, and 34,948 abstentions.
Furthermore, an amendment to the Comtech Telecommunications Corp. 2023 Equity and Incentive Plan (the "2023 Plan") was approved. The amendment received 34,364,218 votes for, 5,205,580 against, and 89,508 abstentions.
The meeting followed a cooperation agreement entered into on November 17, 2024, between the company and Fred Kornberg, Michael Porcelain, and Oleg Timoshenko. The details of this agreement were described in a Form 8-K filed with the SEC on November 18, 2024.
The information presented in this article is based on a press release statement from Comtech Telecommunications Corp. The company, which specializes in radio and TV broadcasting and communications equipment, is incorporated in Delaware with its principal executive offices located in Chandler, Arizona.
According to InvestingPro analysis, the company currently trades at a low Price/Book multiple of 0.52, suggesting potential undervaluation despite recent challenges. InvestingPro subscribers have access to 15 additional key insights and a comprehensive Pro Research Report that provides deep-dive analysis of the company's financial health and future prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.