TOMI Environmental Solutions, Inc., a company specializing in industrial organic chemicals, has announced its 2024 Annual Meeting of Stockholders will be held on November 19, 2024. The meeting is set to take place via virtual webcast at 1:00 p.m. ET, with the location and further details to be disclosed in the company’s proxy statement prior to the event.
The Board of Directors has established October 18, 2024, as the record date for stockholders to be eligible to receive notice and vote at the Annual Meeting. This date also serves as the deadline for stockholders to submit proposals for inclusion in the proxy materials, in accordance with Rule 14a-8 under the Securities Exchange Act of 1934. Proposals must be sent to the company’s corporate headquarters in Frederick, Maryland, and comply with all applicable SEC rules and regulations.
The announcement follows the SEC's universal proxy rules, which require stockholders intending to solicit proxies for director nominees other than the company's nominees to provide notice containing specific information as mandated by Rule 14a-19 under the Exchange Act.
This news is based on a press release statement and reflects the company’s adherence to SEC regulations, ensuring that stockholder interests are formally recognized and that the appropriate processes are followed for the submission and handling of stockholder proposals. TOMI Environmental Solutions, Inc., previously known under different names including Ozone Man, Inc., RPS Group Inc, and DAUPHIN Inc, has undergone several name changes, with the most recent change recorded on November 30, 2007.
The company’s common stock is traded on the Nasdaq Capital Market under the ticker symbol NASDAQ:TOMZ. The forthcoming Annual Meeting will provide an opportunity for stockholders to engage with the company's management and deliberate on corporate matters.
In other recent news, TOMI Environmental Solutions has reported significant financial developments. The company's Q2 2024 results showed a striking 170% increase in revenue, reaching over $3 million. This surge in revenue was largely attributed to robust demand for its mobile equipment, which constituted over 60% of total revenue. Strategic initiatives, including the SteraMist Integrated Systems and the SteraMist Pro Certified program, also contributed to this growth.
Simultaneously, TOMI Environmental Solutions was granted an additional 180-day period to meet the Nasdaq Capital Market's minimum bid price requirement. The company, which has yet to achieve compliance, is exploring options to regain compliance within the granted extension period.
Moreover, the company announced an operating profit of $121,000 and a consolidated gross profit of 61.5%. TOMI Environmental Solutions is actively exploring new partnership opportunities in South Africa, Japan, Puerto Rico, and Indonesia. These recent developments hint towards the company's strategic initiatives and optimistic outlook for the future.
InvestingPro Insights
As TOMI Environmental Solutions, Inc. (NASDAQ:TOMZ) prepares for its 2024 Annual Meeting of Stockholders, investors may benefit from additional financial insights. According to InvestingPro data, the company currently has a market capitalization of $15.21 million USD, reflecting its position as a small-cap stock in the industrial organic chemicals sector.
InvestingPro Tips highlight that TOMZ has impressive gross profit margins, which is evident in the data showing a gross profit margin of 58.57% for the last twelve months as of Q2 2024. This strong margin could be a point of interest for stockholders at the upcoming meeting, as it demonstrates the company's ability to maintain profitability on its sales before accounting for other costs.
However, it is worth noting that TOMZ is currently not profitable over the last twelve months, with a negative operating income margin of -44.59%. This aligns with another InvestingPro Tip suggesting that analysts do not anticipate the company will be profitable this year. Stockholders may want to address this concern and discuss strategies for improving profitability at the annual meeting.
On a positive note, TOMZ has experienced a large price uptick over the last six months, with InvestingPro data showing a 28.14% price total return over that period. This could indicate growing investor confidence or market optimism about the company's future prospects.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for TOMZ, providing a deeper understanding of the company's financial health and market position.
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