Fitell Corporation Announces that it will hold its Extraordinary General Meeting of Shareholders on Apri 9, 2025
Rhea-AI Summary
Fitell (Nasdaq: FTEL), an Australian online retailer of gym and fitness equipment, has announced its upcoming Extraordinary General Meeting (EGM) scheduled for April 9, 2025 at 10:00 a.m. local time in Guangzhou, China.
The meeting will address five key proposals:
- Share Capital Reorganisation
- Charter Amendment
- Share Repurchase and Issuance
- Share Consolidation
- Share Consolidation Memorandum Amendment
Registered shareholders as of March 12, 2025 (record date) are eligible to attend and vote. The company distributed the EGM Notice on March 24, 2025, and filed a 6-K report with the SEC containing detailed information about the proposals.
Positive
- Potential share repurchase program indicates company's commitment to shareholder value
- Corporate restructuring initiatives suggest strategic optimization efforts
Negative
- Share consolidation may indicate potential dilution concerns
- Multiple simultaneous corporate structure changes could create uncertainty
News Market Reaction
On the day this news was published, FTEL declined 11.02%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
TAREN POINT, Australia, March 26, 2025 (GLOBE NEWSWIRE) -- Fitell Corporation (Nasdaq: FTEL) (“Fitell” or the “Company”), an online retailer of gym and fitness equipment in Australia, announced on March 24, 2025 that it will hold its Extraordinary General Meeting of Shareholders (the “EGM”) on April 9, 2025 at 10:00 a.m., local time, at Level 17, Tower 2, Lumia International Building, No.181 YanjiangXi Rd, Guangzhou, People’s Republic of China.
In connection with the contemplated EGM, on March 24, 2025, the Company distributed to shareholders of the Company a notice of EGM (the “EGM Notice”), in accordance with applicable provisions of the Cayman Islands laws. The ECM Notice includes the procedure for voting at the EGM, proposals and other materials, including a form of the Second Amended and Restated Memorandum and Articles of Association, and a form of proxy.
All registered shareholders of the Company at the close of business on March 12, 2025, the record date, are entitled to receive the EGM Notice, attend the EGM and vote on the following proposals and any adjourned or postponed meeting thereof:
1) The Share Capital Reorganisation Proposal;
2) The Charter Amendment Proposal;
3) The Share Repurchase and Issuance Proposal;
4) The Share Consolidation Proposal; and
5) The Share Consolidation Memorandum Amendment Proposal.
The full text of the resolutions for these proposals is set out in the EGM Notice. On March 24, 2025, the Company firnished a 6-K report with the the Securities and Exchange Commission (the “Report”). A copy of the EGM Notice was attached as an exhibit to the Report. The Report can be accessed via a link: https://www.sec.gov/Archives/edgar/data/1928581/000164117225000206/form6-k.htm.
About Fitell Corporation
Fitell Corporation, through GD Wellness Pty Ltd (“GD”), its wholly owned subsidiary, is an online retailer of gym and fitness equipment both under its proprietary brands and other brand names in Australia. The company’s mission is to build an ecosystem with a whole fitness and wellness experience powered by technology to our customers. GD has served over 100,000 customers with large portions of sales from repeat customers over the years. The Company’s brand portfolio can be categorized into three proprietary brands under its Gym Direct brand: Muscle Motion, Rapid Motion, and FleetX, in over 2,000 stock-keeping units (SKUs). For additional information, please visit the Company’s website at www.fitellcorp.com.
Forward-Looking Statements
This press release and the Report contain “forward-looking statements”. Forward-looking statements reflect our current view about future events and include, but are not limited to, statements regarding the exercise of the warrants prior to their expiration and the intended use of proceeds from the offering. These forward-looking statements involve known and unknown risks and uncertainties, including market and other conditions, and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.
For more information, please contact:
Chief Financial Officer
Jamarson Kong
jamarson@gymdirect.com.au
Investor Relations
ir@fitellcorp.com
FAQ
When and where is Fitell (FTEL) holding its Extraordinary General Meeting?
What are the key proposals being voted on at FTEL's 2025 EGM?
What is the record date for FTEL shareholders to participate in the 2025 EGM?
Where can investors find the complete EGM documentation for Fitell (FTEL)?
