United States Antimony amends corporate bylaws
United States Antimony Corporation (NYSE American:UAMY), a Montana-based metal smelting and refining company, has announced significant amendments to its corporate bylaws and articles of incorporation, following approval from its shareholders at the annual meeting on July 30, 2024.
The changes, which align with the Montana Business Corporation Act, became effective on August 5, 2024. The amendments include a provision for potential indemnification of the company’s directors and officers in line with the company’s bylaws, as well as an increase in the maximum size of the board of directors. Additionally, the board has been granted exclusive authority to change its size.
Other approved modifications involve revisions related to the company’s preferred stock and the regulation of its internal affairs. These adjustments are intended to ensure the company’s governance structures are up-to-date with the current statutory requirements.
At the same shareholder meeting, proposals were passed to potentially execute a reverse stock split of the company’s common stock, with a ratio ranging from 1-for-5 to 1-for-30, and to increase the number of shares authorized for issuance, as determined necessary by the board.
Furthermore, the appointment of Assure CPA, LLC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by the shareholders. The results of the shareholder voting demonstrated strong support for the board’s proposals, with each receiving the requisite majority for approval.
The company’s stock, which trades under the ticker UAMY, is listed on the NYSE American exchange. This news is based on the latest SEC filing by United States Antimony Corporation.
InvestingPro Insights
As United States Antimony Corporation (NYSE American: UAMY) navigates through corporate restructuring and governance updates, a glance at the company’s financial health and market performance can offer investors a broader context. Based on the latest data from InvestingPro, UAMY reported a revenue of $9.31 million over the last twelve months leading up to Q1 2024, reflecting a slight decline of 3.74%. However, the quarterly revenue growth showed a promising uptick of 28.07% in Q1 2024.
InvestingPro Tips suggest that UAMY suffers from weak gross profit margins, which is corroborated by a gross profit margin of -31.32% in the same period. Additionally, the company is not profitable over the last twelve months, with an operating income margin of -74.97%. Despite these challenges, UAMY’s liquid assets exceed its short-term obligations, suggesting a degree of financial stability in the short term. Moreover, the stock has experienced a strong return over the last three months, with a price total return of 48.77%.
While UAMY does not pay dividends, shareholders interested in the company’s future performance and valuation might consider these insights from InvestingPro. Further detailed analysis and additional InvestingPro Tips can be found at Investing.com/pro/UAMY, where 8 tips in total are available to help investors make informed decisions.
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