Intellinetics Inc (OTCMKTS:INLX) Adjourns Annual Meeting of Stockholders: Stocks Falls

There are some companies that may often be a bit under the radar and out of the focus of investors. However, it is important for investors to discover such companies since at the end of the day those who move in early may often get the highest long-term rewards. One of the companies that may fall under that category is Intellinetics Inc (OTCMKTS:INLX).

Trading Data

On Thursday, INLX stock ended flat at $5 with 158 shares, compared to its average volume of 356 shares. The stock moved within a range of $5.0000 – 5.0000 after opening trade at $5.

About The Company

Intellinetics is based out of Columbus in Ohio and is involved in providing organizations with solutions that can empower them to protect, manage and store their important data and documents. Some of the offerings from Intellinetics include its content management platform named IntelliCloud, business process outsourcing services, record storage service and documents, and micrographics scanning solutions.

One of the more important services provided by the company is in relation to the guidance it provides to organizations that may want to go through a digital transformation process. This guidance helps in reducing risks and boosting compliance. In addition to that, Intellinetics also helps companies in accessing important documents at any time and from anywhere.

Intellinetics Announces Adjournment of Annual Meeting of Stockholders Due to Lack of Quorum

The company was in the news yesterday after it announced that it’s the annual meeting of shareholders that had been scheduled for June 22, 2022, had been convened but then adjourned. No business had been conducted at all since the required quorum had not been hit.

It should be noted that a quorum is made up of a majority of shareholders who have the right to vote. The voters available through proxy or in person at the meeting did not meet the required number and hence, the meeting had to be adjourned. The annual meeting of shareholders has now been rescheduled and is now going to be held on July 19, 2022, at 3 in the afternoon Eastern Time.

The meeting is going to be held at Intellinetics’ offices in Ohio and the proposals from the company are going to be put forward yet again. Only those shareholders who have been shareholders of record as of April 27, 2022, are going to be entitled to a vote.

Technical Data

INLX stock is trading above the 10-Day and 20-Day Moving averages of $4.62 and $4.69 respectively. However, the stock is trading below the 200-Day moving average of $5.74.