On May 19, 2025, AYRO Inc., a Delaware-incorporated communications services provider with a market capitalization of $3.42 million, held its annual meeting where stockholders voted to approve a significant amendment to the company’s Amended and Restated Certificate of Incorporation. According to InvestingPro analysis, the company currently trades near its Fair Value despite facing significant challenges, including a 64.54% stock price decline over the past year. The approved amendment allows for an increase in the authorized shares of common stock from 200 million to 1.2 billion, with a corresponding change in the total authorized capital stock. This decision was filed with the Secretary of State of Delaware on May 23, 2025. While the company maintains a healthy current ratio of 2.2 and holds more cash than debt, InvestingPro data reveals concerning trends, including a 98.78% revenue decline in the last twelve months.
The stockholder meeting also saw the election of six directors to the company’s board, the ratification of CBIZ (NYSE:CBZ) CPAs P.C. as the independent registered public accounting firm for the fiscal year ending December 31, 2025, and the approval of a potential reverse stock split at a future date. Additionally, a proposal to adjourn the meeting for further solicitation of proxies if necessary was approved.
AYRO Inc., which has undergone several name changes in the past, including DropCar Inc., WPCS International Inc., and Phoenix Star Ventures Inc., is currently headquartered in New York, NY, with its principal executive offices located at 1185 Avenue of the Americas, New York, NY 10036.
The information in this article is based on the company’s SEC filing and is presented without bias or promotional language, providing a factual summary of the key decisions made by AYRO Inc.’s stockholders at the annual meeting.
In other recent news, AYRO Inc. announced a change in its independent accounting firm. The company has replaced Marcum LLP with CBIZ CPAs P.C. for the fiscal year ending December 31, 2025. This transition follows CBIZ CPAs’ acquisition of Marcum’s attest business. The company’s Audit Committee approved the engagement of CBIZ CPAs after Marcum’s service concluded. Notably, Marcum’s reports for 2023 and 2024 did not contain any adverse opinions, although the 2024 report raised substantial doubt about AYRO’s ability to continue as a going concern. Additionally, the company disclosed material weaknesses in its internal control over financial reporting, citing issues such as insufficient segregation of duties. AYRO has also announced that its 2025 Annual Meeting of Stockholders will be held virtually on May 19, 2025. Stockholder proposals for this meeting must be submitted by April 18, 2025, to be considered for inclusion in the company’s proxy materials. This information is based on AYRO’s recent SEC filing.
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