GigaCloud Technology shareholders approve auditor and executive pay at annual meeting
Investing.com
Published Jul 14, 2025 04:51PM ET
Shareholders of GigaCloud Technology Inc (NASDAQ:GCT) approved all three proposals presented at the company’s annual meeting held Friday. The results were disclosed Monday in a statement based on a filing with the Securities and Exchange Commission.
According to the filing, holders of both Class A and Class B ordinary shares were present in person or by proxy, representing 83.96% of the combined voting power eligible to participate. InvestingPro data reveals the company maintains strong financial health with a "GREAT" overall score, supported by robust cash flows and moderate debt levels.
The first proposal, to ratify the selection of KPMG Huazhen LLP as the independent auditor for the fiscal year ending December 31, 2025, received 92,427,088 votes in favor, 541,446 against, and 20,426 abstentions.
The second proposal, an advisory vote to approve the compensation of the company’s named executive officers, passed with 85,152,812 votes for, 452,562 against, and 94,222 abstentions. There were 7,289,364 broker non-votes recorded for this item.
The third proposal, also advisory, asked shareholders to select the frequency of future advisory votes on executive compensation. Three years received the most support, with 81,339,792 votes, compared to 4,189,732 for one year and 104,852 for two years. There were 64,720 abstentions and 7,289,864 broker non-votes. Based on these results, the board determined that future advisory votes on executive compensation will be held every three years until the next required shareholder vote on this topic.
The information in this article is based on a press release statement and the company’s SEC filing.
In other recent news, GigaCloud Technology Inc. reported its first-quarter 2025 earnings, revealing a slight miss on both earnings per share (EPS) and revenue forecasts. The company posted an EPS of $0.68, below the anticipated $0.7467, while revenue reached $271.9 million, compared to the expected $281.4 million. Despite these misses, GigaCloud's strong operational performance and strategic growth initiatives contributed to an 8% year-over-year revenue increase to $272 million. The company also reported a gross margin improvement to 23.4%, which positively influenced investor sentiment.
Further developments include GigaCloud's ongoing European market expansion, which saw revenue growth of over 70% year-over-year, helping offset declines in the U.S. market. The company repurchased 3.7 million shares, enhancing shareholder value. Analysts from Lake Street and Maxim Group noted the company's resilience and growth potential, particularly in European markets and new product categories. GigaCloud's strategic focus on European expansion and operational efficiency continues to yield positive results, with potential mergers and acquisitions on the horizon.
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Written By: Investing.com
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