Fluent (NASDAQ:FLNT) Receives Stockholder Approval for Corporate Actions
Fluent (NASDAQ:FLNT), a prominent advertising services company, recently obtained stockholder approval for the issuance of pre-funded warrants and the conversion of existing warrants into common stock. This decision was finalized during a special meeting of stockholders held on Monday.
The stockholders voted on three crucial proposals outlined in the company's definitive proxy statement filed on June 4, 2024. The proposals focused on the issuance and exercise of pre-funded warrants as part of securities purchase agreements dated May 13, 2024, involving certain accredited investors, directors, officers, employees, and a consultant of Fluent, Inc.
A significant majority supported the first proposal, with 8,660,908 votes in favor, allowing for the exercise of the company's pre-funded warrants into shares of common stock. The second proposal, involving issuing pre-funded warrants to certain company personnel and a consultant, also passed with 8,659,513 affirmative votes.
The third proposal, which would allow for the adjournment of the meeting to solicit additional proxies if necessary, received 8,543,399 votes in favor. This measure was a precautionary step to ensure the approval of the first two proposals but was ultimately not needed as both received sufficient support.
The meeting demonstrated strong shareholder participation, with 8,815,360 shares represented in person or by proxy out of the 13,660,598 shares outstanding as of the May 14, 2024, record date. The active involvement of shareholders showcased their interest in the company's strategic decisions.
Don Patrick, the Chief Executive Officer of Fluent, Inc., confirmed the outcomes of the meeting and the stockholders' decisions in an SEC filing on July 8, 2024. The stock, trading under the symbol NASDAQ:FLNT, is expected to reflect these corporate actions in its future market performance.
In addition to the stockholder decisions, Fluent Inc. reported a 14.6% decrease in revenue for the first quarter of 2024, attributed to a Federal Trade Commission settlement and a strategic shift away from certain revenue streams. Despite the overall revenue decrease, Fluent's new performance marketplaces displayed strong growth, with an increased media margin and adjusted EBITDA.
Fluent anticipates a revenue decline in the first half of 2024 but expects to return to year-over-year growth in the latter half, driven by their emerging businesses targeting over 50% revenue growth this year.
In summary, Fluent (NASDAQ:FLNT) has received stockholder approval for key corporate actions, showcasing strong shareholder support. Despite a revenue decline, the company's strategic decisions and growth prospects indicate potential opportunities for investors. Monitoring real-time data and InvestingPro Tips can provide valuable insights for investors assessing Fluent's performance and market position.