iClick Interactive Asia Group Limited Announces Annual General Meeting Results

Rhea-AI Summary

iClick Interactive Asia Group (NASDAQ: ICLK) announced the results of its annual general meeting (AGM) held on September 30, 2024, in Hong Kong. Shareholders approved three key resolutions:

1. The disposal of the company's demand side marketing solutions business in mainland China
2. The disposal of the company's enterprise solutions business in mainland China
3. The appointment of Mr. Winson Ip Wing Wai as an independent director

Approximately 74% of total outstanding votes were represented at the AGM, with each resolution receiving approval from 96% or more of the votes cast. CEO Jian Tang expressed gratitude for shareholder support, stating that the disposals aim to improve profitability and operational efficiency. The company expects improved financial performance with reduced debt and capital-intensive operations in the coming six months.

Positive

• Shareholders approved the disposal of two major business segments in mainland China
• High shareholder participation with 74% of total outstanding votes represented at the AGM
• Strong support for resolutions with 96% or above approval rate
• Expected improvement in financial performance in the coming six months
• Anticipated reduction in debt level and capital-intensive operations

Negative

• Disposal of two major business segments in mainland China may impact revenue streams
• Potential loss of market presence in mainland China due to business disposals

News Market Reaction

+0.61%

1 alert

+0.61% News Effect

On the day this news was published, ICLK gained 0.61%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

HONG KONG, Sept. 30, 2024 /PRNewswire/ -- iClick Interactive Asia Group Limited ("iClick" or the "Company") (NASDAQ: ICLK), a renowned marketing cloud platform in China that empowers worldwide brands with full-stack consumer lifecycle solutions, today announced the results of its annual general meeting of shareholders (the "AGM") held in Hong Kong on September 30, 2024.

At the AGM, the Company's shareholders approved, ratified and/or confirmed the following resolutions:

1. the disposal of the Company's demand side marketing solutions business in mainland China;
2. the disposal of the Company's enterprise solutions business in mainland China; and
3. the appointment of Mr. Winson Ip Wing Wai as an independent director of the Company.

Each shareholder has one vote for each Class A ordinary share or 20 votes for each Class B ordinary share. The shares attended the AGM in person or by proxy represented approximately 74% of the total outstanding votes represented by the Company's total ordinary shares outstanding at the close of business in the Cayman Islands on the record date of September 11, 2024. Each of the above resolutions was approved by 96% or above of the total votes cast at the AGM.

Mr. Jian Tang, iClick's Chief Executive Officer and Co-Founder, said, "We would like to thank our shareholders for their support to our recently announced disposals and our strategy of optimizing the Company's operations and realigning the business focus to meet market trends. Approving the disposals, which are intended for improving our profitability and operational efficiency with balanced risks, is the centerpiece to create sustainable value. The Company will continue to work with the other parties to close the disposal of demand side marketing solutions business in mainland China as soon as practicable. The Company's financial performance is expected to improve with reduced debt level and capital intensive operations in the coming six months."

About iClick Interactive Asia Group Limited

Founded in 2009, iClick Interactive Asia Group Limited (NASDAQ: ICLK) is a renowned marketing cloud platform in China. With its leading proprietary technologies, iClick's full suite of data-driven solutions helps brands drive significant business growth and profitability throughout the full consumer lifecycle. For more information, please visit ir.i-click.com. 

Safe Harbor Statement

This press release contains forward-looking statements, including those related to the Company's business strategies, operations and financial performance. These statements constitute "forward-looking" statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control. Forward-looking statements involve inherent risks and uncertainties. All information provided in this press release is current as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that its expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For investor and media inquiries, please contact:

In China:                                                                              In the United States:

iClick Interactive Asia Group Limited                               Core IR 
Catherine Chau                                                                    Tom Caden
Phone: +852 3700 9100                                                       Phone: +1-516-222-2560
E-mail: ir@i-click.com                                                           E-mail: tomc@coreir.com  

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SOURCE iClick Interactive Asia Group Limited

FAQ

What resolutions were approved at iClick's (ICLK) 2024 Annual General Meeting?

Shareholders approved the disposal of the demand side marketing solutions business and enterprise solutions business in mainland China, as well as the appointment of Mr. Winson Ip Wing Wai as an independent director.

What percentage of iClick's (ICLK) shareholders participated in the 2024 AGM?

Approximately 74% of the total outstanding votes represented by iClick's total ordinary shares participated in the 2024 Annual General Meeting.

How did iClick's (ICLK) CEO respond to the AGM results?

CEO Jian Tang thanked shareholders for their support of the disposals and the company's strategy to optimize operations and realign business focus, stating that these actions are intended to create sustainable value.

What financial improvements does iClick (ICLK) expect following the approved disposals?

iClick expects improved financial performance in the coming six months, with reduced debt levels and fewer capital-intensive operations.