BALTIMORE, MD - MyMD Pharmaceuticals, Inc. (NASDAQ:MYMD), a company specializing in in vitro and in vivo diagnostic substances, has filed an amendment to its Certificate of Designations with the Delaware Secretary of State, effectively increasing the number of authorized shares of its Series G Convertible Preferred Stock. This amendment, filed on Monday, June 17, 2024, raises the number of authorized shares from 8,950 to 12,826,273.
The expansion of the preferred stock authorization allows MyMD Pharmaceuticals to potentially issue additional shares as dividend payments "in kind," according to the terms set out in the Certificate of Designations.
This action follows an agreement with certain accredited investors, as disclosed in a previous SEC filing on Sunday, June 17, 2024. The investors, described as "Required Holders," consented to the amendment, which was formalized in an Amendment Agreement on the same date.
The Certificate of Amendment, which contains the details of this change, became effective upon filing with the Secretary of State. This adjustment is part of a broader Securities Purchase Agreement that the company entered into on May 20, 2024. Under this agreement, MyMD Pharmaceuticals agreed to sell shares of the Preferred Stock and warrants to purchase shares of the company's common stock to the Holders.
This strategic move by MyMD Pharmaceuticals is part of the company's efforts to manage its capital structure and provide flexibility in its financial dealings. The company's common stock is listed on The Nasdaq Capital Market under the ticker symbol MYMD.
Investors and stakeholders can refer to the full text of the Certificate of Amendment, which is attached as Exhibit 3.1 to the company's latest 8-K filing. The information regarding these corporate actions is based on the statements made in the filing submitted to the Securities and Exchange Commission on Monday, June 24, 2024.
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