MoneyLion Inc. Shareholders Elect Directors, Ratify Accountants By Investing.com

In a recent SEC filing, MoneyLion Inc., a company specializing in finance services, reported the outcomes of its 2024 Annual Meeting of Stockholders, which took place on Thursday, June 13, 2024. The virtual meeting led to the election of three Class III directors and the ratification of the company’s independent registered public accounting firm for the upcoming fiscal year.

The elected Class III directors, who will serve until the 2027 Annual Meeting, are Matt Derella, Annette Nazareth, and Michael Paull. The stockholders cast their votes as follows: Matt Derella received 3,920,344 votes for and 1,500,557 withheld; Annette Nazareth had 3,991,379 votes for and 1,429,522 withheld; and Michael Paull garnered 3,740,208 votes for with 1,680,693 withheld. Broker non-votes for each candidate totaled 2,271,315.

Additionally, the stockholders ratified the appointment of RSM US LLP as MoneyLion Inc.’s independent registered public accounting firm for the fiscal year ending December 31, 2024. The accounting firm was approved with 7,137,416 votes for, 553,440 against, and 1,360 abstained.

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 redeemable warrants. MoneyLion Inc. has identified itself as an emerging growth company, which is a designation that allows for reduced reporting requirements under U.S. securities laws.

In other recent news, MoneyLion Inc. reported a record-breaking first quarter for 2024, with a 29% year-over-year increase in quarterly revenue, reaching $121 million. The fintech firm also noted a significant surge in its customer base, growing by 98% to a total of 15.5 million customers. The company’s adjusted EBITDA hit a record at $23 million, a 19.4% margin.

MoneyLion attributes this strong performance to product expansion, strategic partnerships, and its focus on becoming a unified consumer platform. The company projects continued growth in revenue and adjusted EBITDA for the upcoming 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 in maintaining a strong EBITDA margin. These are the recent developments regarding MoneyLion Inc.

InvestingPro Insights

MoneyLion Inc. has demonstrated a notable performance in the market, with a remarkable 675.72% one-year price total return as of mid-2024. This surge in stock price reflects investor confidence and aligns with one of the InvestingPro Tips which notes a large price uptick over the last six months, at 84.11%. Additionally, the company’s revenue has shown healthy growth, with a 23.6% increase in the last twelve months as of Q1 2024, signaling a positive trajectory for the company’s financials.

InvestingPro Tips also suggest that MoneyLion Inc. is expected to be profitable this year, which could be a turning point for investors considering the company’s past performance. While the current P/E ratio stands at -31.95, indicating that the company has been unprofitable, the forward-looking optimism is reflected in the stock’s volatility, which may appeal to certain investors looking for high-growth opportunities.

For those interested in deeper analysis, InvestingPro offers additional tips on MoneyLion Inc., which can be accessed with a special offer. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore the comprehensive insights that could guide your investment decisions.

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