SRIVARU Holding Limited, a manufacturer in the automotive industry, announced today the scheduling of an Extraordinary General Meeting of Shareholders (EGM). The meeting is set to discuss matters pertinent to the company's shareholders and will include the dissemination of a notice and proxy statement, as well as proxy cards for shareholder voting.
The EGM is a result of the company's ongoing efforts to maintain transparency and shareholder engagement. SRIVARU Holding, incorporated under the laws of the Cayman Islands, has provided all relevant documentation on its website as of today, with physical copies to be mailed to shareholders. The documents available include the notice and proxy statement (Exhibit 99.1), form of proxy card (Exhibit 99.2), VStock Notice (Exhibit 99.3), and Intermediary Notice (Exhibit 99.4) related to the EGM.
The materials furnished provide shareholders with information on the agenda of the meeting, how to vote, and the procedures for participating in the corporate decision-making process. The company encourages its shareholders to review these materials in preparation for the EGM.
SRIVARU Holding operates in the Motor Vehicles & Passenger Car Bodies sector, classified under the Standard Industrial Classification code 3711. The company is known for its manufacturing operations, designated as 04 Manufacturing, and is led by Chief Executive Officer and Director Mohanraj Ramasamy.
In other recent news, SRIVARU Holding Limited has started delivering its PRANA 2.0 series of electric motorcycles in India, marking the company's transition to the revenue generation phase. The PRANA 2.0 series, which includes the Grand and Elite models, offers a driving range of 250 kilometers per charge and advanced features like IoT-enabled smart clusters and artificial intelligence for enhanced vehicle monitoring. This development follows SRIVARU's receipt of certification from India's Central Motor Vehicles Rules (CMVR), confirming the electric motorcycles' compliance with the country's safety and environmental standards.
The company's CEO, Mohanraj Ramasamy, expressed confidence in SRIVARU's ability to deliver a product that combines appeal, innovation, and performance. SRIVARU's entry into the electric two-wheeler market in India, one of the world's largest, is a strategic move to capitalize on the increasing shift towards sustainable transportation options.
The company also announced its upcoming Annual General Meeting of Shareholders, highlighting its commitment to active shareholder participation in corporate governance. While the specific agenda for the meeting has not been disclosed, such events typically involve critical decisions like the election of directors and approval of financial statements.
InvestingPro Insights
SRIVARU Holding Limited's financial situation appears challenging, as reflected in recent InvestingPro data. The company's market capitalization stands at a modest $10.39 million, with a negative P/E ratio of -0.88 over the last twelve months as of Q4 2024. This suggests the company is currently unprofitable, which aligns with an InvestingPro Tip indicating that SRIVARU has not been profitable over the last twelve months.
The company's revenue for the same period was only $0.04 million, with a concerning revenue growth rate of -62.16%. This decline in sales is consistent with another InvestingPro Tip, which notes that analysts anticipate a sales decline in the current year. Additionally, the company's gross profit margin is deeply negative at -600.55%, supporting the InvestingPro Tip that SRIVARU suffers from weak gross profit margins.
These financial metrics provide context for the upcoming Extraordinary General Meeting. Shareholders may be particularly interested in discussing strategies to address the company's profitability challenges and revenue decline. The meeting could be crucial for SRIVARU's future direction, especially considering the InvestingPro Tip that the company is quickly burning through cash.
For investors seeking a more comprehensive analysis, InvestingPro offers 17 additional tips for SRIVARU Holding Limited, providing deeper insights into the company's financial health and market position.
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