WAUSAU, WI – Marathon Bancorp, Inc. /MD/ (OTC:MBWI), a savings institution based in Wausau, Wisconsin, announced today the results of its annual stockholders meeting. The company reported that stockholders have voted in favor of all proposals presented at the meeting held earlier today.
The stockholders re-elected Thomas Grimm to the company's board of directors for a three-year term. Grimm secured the position with 1,615,687 votes for and 14,748 withheld. There were 104,906 broker non-votes, which occur when brokers do not receive instructions from their clients and therefore do not vote on certain proposals.
Additionally, the stockholders ratified the appointment of Bonadio & Co., LLP as Marathon Bancorp's independent registered public accounting firm for the fiscal year ending June 30, 2025. The proposal passed with 1,733,068 votes for, none against, and 2,273 abstentions.
Marathon Bancorp, which operates under the SIC code for savings institutions not federally chartered, did not report any changes to its principal executive address or telephone number. The company's fiscal year ends on June 30th.
In other recent news, Nano Labs Ltd, a prominent integrated circuit design firm in China, has reported mixed financial results for the first half of 2024. The company's net revenue declined to $3.47 million, primarily due to decreased sales of the iPollo V1 Series product. However, growth was observed in 3D-printing product revenue, and the company managed to reduce operating expenses by 20.1%. Despite these cost reductions, a net loss of $8.30 million was reported.
In a significant corporate action, Nano Labs converted $8.5 million in interest-free loans into Class A ordinary shares, freeing itself from future obligations associated with these loans. This move alters the company's capital structure and was facilitated by Chairman and CEO, Mr. Jianping Kong, Vice Chairman Mr. Qifeng Sun, and their affiliates.
On the product development front, Nano Labs launched the Cuckoo 3.0 chip, which is expected to boost future sales growth. The company is also expanding its Metaverse offerings and exploring opportunities in AI computing. These recent developments underline Nano Labs' ongoing commitment to creating additional value for shareholders.
InvestingPro Insights
While Marathon Bancorp's stockholders meeting concluded with positive outcomes, recent financial data from InvestingPro paints a challenging picture for the company. The bank's market capitalization stands at a modest $42.9 million, reflecting its position as a smaller regional financial institution.
InvestingPro data reveals that Marathon Bancorp has experienced significant revenue contraction, with a 92.25% decline in the last twelve months as of Q2 2024. This steep drop in revenue is coupled with an operating income margin of -240.75%, indicating substantial operational challenges.
Two key InvestingPro Tips are particularly relevant in light of these financials:
1. The company is quickly burning through cash, which could be a concern for its operational stability.
2. Marathon Bancorp is not profitable over the last twelve months, aligning with the negative operating income reported.
These insights suggest that while stockholders have shown confidence in the current leadership and auditing arrangements, the bank faces significant financial hurdles. Investors considering Marathon Bancorp may want to closely monitor its cash management and path to profitability.
For a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide deeper insights into Marathon Bancorp's financial health and market position.
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