GENCOR INDUSTRIES DL-,10

Gencor Industries reports a change of control: Marc G. Elliott acquired economic control through a gratuitous gift of shares from E.J. Elliott and other family members and is now the beneficial owner of 14.5% of the common shares and 95.5% of the class B shares. The class B shares elect 75% of the board of directors, giving Elliott indirect control of the company. According to the balance sheet, Gencor has more cash than debt; analysts currently consider the stock undervalued, and one broker raised its price target and reiterated a buy rating. Shareholders approved all annual general meeting resolutions, including the election of Elliott and additional directors. » Mere på de.investing.com

At the annual meeting, shareholders elected John G. Coburn as a director of the common stock; holders of Class B elected Marc G. Elliott, Thomas A. Vecchiolla and Walter A. Ketcham, Jr. Shareholders confirmed Carr, Riggs & Ingram as the independent registered public accounting firm for the fiscal year ending September 30, 2026, and voted for a non-binding advisory vote on executive compensation to be held every three years. Vote results showed clear majorities in favor of the proposals; no other agenda items were addressed. In addition, analysts report that the stock appears undervalued according to InvestingPro and that Freedom Capital Markets raised its price target, although Gencor reported revenue declines in the first quarter. » Mere på de.investing.com

The board of directors of Gencor Industries has appointed Carr, Riggs & Ingram (CRI) as its new independent auditor after CRI acquired assets of the capital markets practice of Berkowitz Pollack Brant Advisors + CPAs (BPB) effective January 1, 2026. BPB had disclosed disclaimers regarding the effectiveness of internal controls in its audit reports for the years ended September 30, 2024 and 2025, specifically relating to IT controls, user access and period-end close; there were no audit qualifications on the consolidated financial statements. Gencor reports no reportable disagreements with BPB, has authorized BPB to cooperate with CRI and confirms it did not consult CRI prior to the appointment. The company also named its annual general meeting date as April 3, 2026; analysts issued a buy rating with a $16.00 price target; and Executive Chairman EJ Elliott will retire at the end of 2025, to be succeeded by Marc Elliott. » Mere på de.investing.com