MoneyLion Inc. Shareholders Elect Directors, Verified Accountants by Investing.com
In a recent SEC filing, MoneyLion Inc., a financial services company, reported the results of its 2024 annual meeting of shareholders, which was held on Thursday, June 13, 2024. The actual meeting resulted in a Class III election. directors and certification of an independent public accounting firm for the coming fiscal year.
The Class III directors-elect, who will serve until the 2027 Annual Meeting, are Matt Derella, Annette Nazareth, and Michael Paull. Shareholders voted as follows: Matt Derella received 3,920,344 votes with 1,500,557 abstentions; Annette Nazareth had 3,991,379 votes with 1,429,522 withheld; and Michael Paull received 3,740,208 votes with 1,680,693 votes reserved. Non-broker votes for each candidate totaled 2,271,315.
Additionally, shareholders approved the appointment of RSM US LLP as the independent registered public investment firm for MoneyLion Inc. for the fiscal year ending December 31, 2024. The accounting firm approved with 7,137,416 votes, 553,440 against, and 1,360 abstentions.
The company, headquartered in New York and incorporated in Delaware, is listed on the New York Stock Exchange under the ticker symbols ML for its Class A common stock and ML WS for its exercisable warrants. MoneyLion Inc. presented itself as a growth company, a designation that allows for reduced reporting requirements under US securities laws.
In other recent news, MoneyLion Inc. reported a record-breaking first quarter of 2024, with a 29% year-over-year increase in revenue for the quarter, to $121 million. The fintech company also noted a significant increase in its customer base, growing by 98% to a total of 15.5 million customers. The company’s adjusted EBITDA reached a record at $23 million, a margin of 19.4%.
MoneyLion attributes this strong performance to product expansion, strategic partnerships, and its focus on becoming an integrated consumer platform. The company projects continued revenue growth and adjusted EBITDA for the next quarter, expecting Q2 revenue to be between $125 million and $130 million, and adjusted EBITDA between $17 million and $20 million. .
Despite market conditions affecting conversion rates in the lending business, MoneyLion remains confident of maintaining a strong EBITDA margin. These are the main financial indicators of MoneyLion, Inc.
InvestingPro Insights
MoneyLion Inc. It has shown remarkable performance in the market, surprisingly 675.72% one-year price recovery from mid-2024. This increase in the stock price reflects the confidence of investors and is in line with one of the InvestingPro Tips that notes the biggest price increase in the last six months, 84.11%. Additionally, the company’s revenue showed healthy growth, with 23.6% an increase in the last twelve months from Q1 2024, indicating a positive trajectory for the company’s finances.
InvestingPro Tips also recommends that MoneyLion Inc. is expected to be profitable this year, which could be a turnaround for investors considering the company’s past performance. Although the current P/E ratio stands at -31.95, indicating that the company was unprofitable, the outlook for the future is reflected in the stock’s volatility, which may be attractive to some investors looking for high growth opportunities.
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