Biotech Values

[DewDiligence]

Yes, a record that can’t be beat! The $1 of new preferred stock is a gimmick to ensure that the proposal to dissolve the company is approved by shareholders at the rescheduled special meeting:

https://www.sec.gov/Archives/edgar/data/1173281/000110465924067779/tm2416229d1_defa14a.htm

The Series A Preferred Stock is designed to ensure that a majority of the outstanding voting power of the Company’s capital stock is voted “for” the Dissolution Proposal if the relevant standard is met. The Series A Preferred Stock entitles the holder thereof, voting together with the holders of common stock of the Company, as a single class, to cast on the Dissolution Proposal, the Adjournment Proposal and any other matter the Board determines (in its sole discretion) is related to the Dissolution Proposal, a number of votes equal to the number of shares of common stock outstanding on May 31, 2024 entitled to vote thereon (3,752,380 shares)…