SEATTLE, WA – Aptevo Therapeutics Inc . (NASDAQ:APVO), a biotechnology company specializing in pharmaceutical preparations, disclosed the outcomes of its 2024 Special Meeting of Stockholders in a recent SEC filing. The meeting, which took place on Monday, involved voting on three proposals.
The first proposal, which sought approval for the company's Amended and Restated Certificate of Incorporation, was not passed. The proposal required a majority vote from the holders of common stock as of the record date, but it fell short, with 929,933 votes for and 554,853 votes against, along with 24,490 abstentions.
In contrast, the second proposal regarding the issuance of more than 19.99% of outstanding common stock upon the exercise of common warrants was approved. This issuance is pursuant to a Securities Purchase Agreement dated June 28, 2024. The proposal also included an exercise price adjustment provision for events such as share splits or dividends, and the repricing of certain existing warrants. The vote tally showed 306,069 in favor, 283,207 against, and 10,620 abstentions, with 909,380 broker non-votes.
The outcomes of the Special Meeting reflect the decisions of Aptevo's stockholders on matters that could influence the company's governance and financial structure. The approval of the warrant terms suggests shareholder support for the company's financing strategies, while the rejection of the charter amendment indicates a need for further consideration or revision of the proposed changes to the company's Certificate of Incorporation.
In other recent news, Aptevo Therapeutics has been grappling with potential delisting from Nasdaq due to non-compliance with the exchange's minimum bid price requirement. The biopharmaceutical company has a 180-day grace period to regain compliance, with a possible extension of another 180 days. It has indicated that a reverse stock split could be an option to address the deficiency if necessary.
In financial developments, Aptevo Therapeutics secured $2.3 million in a direct offering with the sale of over 5.3 million shares and warrants, facilitated by Roth Capital Partners and Dawson James Securities. The company also set terms for a $4.6 million public offering to further support its corporate purposes and the clinical development of its product candidates.
On the clinical front, Aptevo reported progress in its cancer drug trials, specifically the ALG.APV-527 trial and the APVO436 trial for acute myeloid leukemia. Additionally, its dual mechanism checkpoint inhibitor, APVO711, has shown promising results in preclinical studies and is advancing towards Investigational New Drug status. These developments demonstrate Aptevo's ongoing commitment to advancing cancer treatments.
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