Treasure Global Inc, a business services company based in New York, conducted its 2024 Annual Stockholders Meeting virtually on June 11, 2024. The meeting saw the election of five nominees to its Board of Directors and the ratification of its independent registered public accounting firm for the fiscal year ending June 30, 2024.
On the record date of April 29, 2024, Treasure Global Inc had 1,430,780 shares of common stock issued and outstanding. At the meeting, approximately 61.34% of the outstanding voting shares were represented in person or by proxy, satisfying the quorum requirements under Delaware law and the company's bylaws.
The stockholders elected all five director nominees: Chong Chan Teo, Ho Yi Hui, Joseph “Bobby” Banks, Marco Baccanello, and Jeremy Roberts. Each director will serve until the 2025 annual meeting of stockholders or until their respective successors are elected and qualified, or until they resign, die, or are removed from their position. The elections were determined by a plurality of the votes cast, with Chong Chan Teo receiving 733,795 votes for, Ho Yi Hui 733,941, Joseph “Bobby” Banks 734,158, Marco Baccanello 734,146, and Jeremy Roberts 734,042. There were no votes against any of the nominees, and the number of withheld votes and broker non-votes were also recorded.
Additionally, the stockholders ratified the appointment of WWC, P.C. as the company's independent registered public accounting firm for the current fiscal year. This proposal required a majority of the outstanding shares for approval and was passed with 873,186 votes in favor, 990 against, and 3,430 abstentions.
In other recent news, Treasure Global Inc has seen a change in leadership with Carlson Thow appointed as the new Chief Executive Officer. This development follows the resignation of the former CEO, Sam Teo. Thow brings a wealth of experience from his previous role as Group Chief Legal Officer at VCI Global Limited, where he played a significant role in the company's transition from a private entity to a publicly listed company.
Thow's appointment is part of Treasure Global's strategic direction for sustainable growth and innovation. As part of his employment agreement, Thow will receive $120,000 worth of shares of common stock of the company, allocated monthly during his first year.
In addition to the executive transition, Treasure Global has successfully regained compliance with Nasdaq's shareholder approval requirements. This achievement comes after a corrective action by the former CEO, Chong Chan Teo, who made a payment to adjust the price per share of a previous issuance. The company had previously faced non-compliance due to a share issuance at a discount to settle debt. These are among the recent developments at Treasure Global.
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