Pulmatrix (NASDAQ:PULM), Inc., a pharmaceutical company based in Framingham, Massachusetts, successfully concluded its annual meeting of stockholders on December 18, 2024, with key resolutions passed regarding the election of directors and ratification of the company’s independent auditor.
During the meeting, a quorum was achieved with over 50% of outstanding shares present in person or by proxy. Shareholders voted on the election of two Class I directors to serve on the company's Board of Directors until the 2027 annual meeting.
Todd Bazemore received 285,646 votes in favor, with 251,800 withheld or abstained, and Christopher Cabell, M.D., garnered 334,230 votes for, with 203,216 withheld or abstained. Both candidates were elected amidst 1,318,725 broker non-votes for each position.
Moreover, shareholders ratified the appointment of Marcum LLP as Pulmatrix’s independent registered public accounting firm for the fiscal year 2024. The decision was made with 1,705,315 votes in favor, 47,547 against, and 103,282 withheld or abstained.
These results reflect the final voting outcomes from the annual meeting, with no other matters voted upon. The details regarding these proposals were previously outlined in the company’s definitive proxy statement filed with the Securities and Exchange Commission on November 8, 2024.
Pulmatrix, operating under the NASDAQ ticker PULM, has been known previously as Ruthigen, Inc., before its name change in 2013. The company specializes in pharmaceutical preparations and is incorporated in Delaware.
According to InvestingPro analysis, the company maintains strong liquidity with a current ratio of 19.4 and has demonstrated robust revenue growth of 47% in the last twelve months. For deeper insights into PULM's financial health and 12 additional exclusive ProTips, consider exploring InvestingPro's comprehensive analysis platform.
This report is based on a press release statement filed by Pulmatrix, Inc. with the SEC, ensuring a transparent and factual account of the proceedings from the annual meeting of stockholders. InvestingPro data suggests the stock is currently trading below its Fair Value, making it potentially interesting for value investors. Discover more detailed valuation metrics and expert analysis at Investing.com's Most Undervalued Stocks.
In other recent news, Pulmatrix, Inc. and Cullgen Inc. are set to merge, focusing on the advancement of protein degradation technology for cancer treatment and pain management.
The merger, slated to conclude by the end of March 2025, will result in the combined entity operating under the Cullgen name. Pulmatrix plans to divest assets, including its acute migraine candidate, to maximize the special dividend for its stockholders.
In addition, Pulmatrix has scheduled its 2024 Annual Meeting of Stockholders for December 18, 2024, with a record date set for October 31, 2024. Stockholders wishing to submit proposals or nominate directors must meet the SEC's requirements and send their proposals to the company by October 18, 2024.
Before the merger's completion, three degrader programs are expected to enter Phase 1 clinical trials. Cullgen's pipeline includes a first-in-class oral pan-TRK degrader and a GSPT1 degrader for blood cancers. These are among the recent developments concerning the pharmaceutical company.
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