TNF Pharmaceuticals, Inc. (NASDAQ:TNFA), a company specializing in in vitro and in vivo diagnostic substances, has announced a significant amendment to its Certificate of Incorporation following a special meeting of stockholders on Monday. The amendment, effective as of Tuesday, increases the company's authorized shares of common stock from 16,666,666 to a substantial 250,000,000.
This strategic move, approved by shareholders, allows TNF Pharmaceuticals greater flexibility in its financial operations, potentially paving the way for future equity financing, stock-based compensation plans, or other corporate purposes. The company filed the approved amendment with the Secretary of State of Delaware immediately after the meeting.
During the special meeting, shareholders also voted on several key proposals. One such proposal, which passed, was the authorization of the issuance of shares of common stock underlying Series F-1 and Series G Convertible Preferred Stock and warrants issued in private placements in May 2024. This issuance could exceed 20% of the common stock outstanding before the issuance, complying with Nasdaq Listing Rule 5635(d).
Furthermore, the appointment of Morison Cogen LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified by a significant majority. A fourth proposal, allowing for the adjournment of the special meeting to a later date if necessary, was also approved.
The special meeting's outcomes are reflective of the company's ongoing efforts to strengthen its financial structure and support its growth initiatives. TNF Pharmaceuticals, previously known as MyMD Pharmaceuticals, Inc., and before that as Akers Biosciences, Inc., has undergone several transformations, with this latest development marking a new chapter in its corporate governance.
In other recent news, TNF Pharmaceuticals, previously known as MyMD Pharmaceuticals, Inc., has announced its rebranding to better align with its focus on therapies targeting TNF-alpha, a protein associated with inflammation and autoimmunity. The company's common stock will now trade under the new symbol "TNFA" on the Nasdaq Capital Market. Following promising results from Phase 2 studies, TNF Pharmaceuticals is advancing to mid-stage clinical trials with its leading drug candidate, MYMD-1®, an orally administered TNF-alpha inhibitor. This drug, which does not require infusion or injection, aims to treat sarcopenia and potentially other inflammatory and autoimmune diseases.
TNF Pharmaceuticals has also launched a new investor website at ir.tnfpharma.com and maintains the registered trademark for MYMD-1®. The company's novel therapeutic platforms include MYMD-1® for diseases marked by inflammation, and Supera-CBD, targeting pain, addiction, and epilepsy. The company's press release includes a cautionary statement about forward-looking statements, emphasizing the risks and uncertainties involved in new pharmaceutical development and regulatory approval, and clarifying that future results could differ materially from current expectations. These are the recent developments in TNF Pharmaceuticals.
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