Gaxos.ai shareholders approve equity plan amendment and reverse stock split authority

Gaxos.ai Inc., a NASDAQ-listed company (GXAI), concluded its annual shareholder meeting on Tuesday, with several critical decisions passed, as reported by a press release and SEC filing. The key highlights include the approval of an amendment to the company's 2022 Omnibus Equity Incentive Plan, which expands the pool of reserved common shares for issuance to 1,000,000 from the previous 803,637.

All four candidates for the board of directors—Vadim Mats, Adam Holzer, Scott Grayson, and Roman Feldman—were elected, with votes ranging from 727,869 to 732,560 in favor, and between 97,937 to 102,628 withheld. Broker non-votes for each nominee amounted to 4,039,445. The company's independent registered public accounting firm, Salberg & Company, P.A., was re-appointed for the fiscal year ending December 31, 2026, with 4,585,107 votes in favor, 245,714 against, and 39,121 abstentions.

Furthermore, directors authorized the board to execute a reverse stock split of the company's common stock, with a ratio ranging between 1-for-2 and 1-for-50. This action can be taken without additional shareholder approval, at any point before August 11, 2028. The vote tally for this proposal was 3,068,168 in favor, 1,754,234 against, and 47,540 abstentions.

At the meeting, 4,869,942 shares of common stock were represented, forming a quorum. These results are drawn from the company's SEC Form 8-K filing and the accompanying press release.