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Replies to post #15393 on Titan Pharmaceuticals Inc (TTNP)
01/16/20 7:13 PM
*Current Filing- Submission Of Matters To A Vote Of Security Holders.
On December 20, 2019, Titan Pharmaceuticals, Inc. (the “Company”) held its annual meeting of stockholders. The proposal to amend the Company’s certificate of incorporation to effect a reverse split of the common stock (the “Reverse Split Proposal”) did not receive the vote needed for approval under the Delaware General Corporation Law (the “DGCL”), which requires the affirmative vote of holders representing a majority of the voting power of all shares of outstanding stock as of the record date.
Accordingly, a determination was made to adjourn the meeting solely with respect to the Reverse Split Proposal until 9:00 a.m. Pacific Standard Time on January 17, 2020. As of the close of business on January 16, 2020, only 60% of the shares entitled to vote at the meeting have been voted and while the majority of those that did vote were in favor of the Reverse Split Proposal, the Company has not received the affirmative vote necessary for approval under the DGCL. Accordingly, the Company has determined to cancel the meeting and seek stockholder approval for the Reverse Split Proposal at a later date.
