Conduit Pharmaceuticals Inc. (NASDAQ:CDT), a micro-cap pharmaceutical preparations company with a market capitalization of $11.17 million, announced today that its stockholders have voted in favor of three significant proposals during a special meeting.
According to InvestingPro data, the company's stock has experienced significant volatility, falling nearly 98% over the past year. The meeting, initially convened on Sunday and adjourned until Monday, reached quorum with over one-third of the shares represented.
The first proposal, which passed with 38,067,839 votes for and 1,540,659 votes against, allows for the issuance of up to 2,862,596 shares of common stock upon the exercise of certain warrants. This move is in compliance with Nasdaq Listing Rule 5635(d).
The second proposal, also approved, permits the issuance of up to 75,000,000 shares of common stock upon the conversion of a Senior Secured Promissory Note with Nirland Limited, dated August 6, 2024. The approval received 35,000,998 votes for and 4,608,682 against.
The third and final proposal that stockholders approved involves the issuance of up to 58,000,000 shares of common stock upon the conversion of a convertible promissory note with A.G.P./Alliance Global Partners (NYSE:GLP), dated November 25, 2024. The vote tally stood at 35,013,951 in favor and 4,596,139 against.
These approvals are part of Conduit Pharmaceuticals' efforts to secure additional capital and support its growth strategy. The capital raising efforts come at a crucial time, as InvestingPro analysis reveals the company is quickly burning through cash with a concerning current ratio of 0.12, indicating potential liquidity challenges.
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