Cocrystal Pharma, Inc. (NASDAQ:COCP), a pharmaceutical company, announced on Friday that its stockholders have approved a reduction in the number of authorized shares of capital stock. The decision, which came during the company's 2024 Annual Meeting of Stockholders on Monday, will decrease the authorized capital stock from 155 million shares to 101 million shares, consisting of 100 million shares of common stock and 1 million shares of preferred stock.
The amendment to the Certificate of Incorporation was filed on Thursday and became effective immediately. This corporate action follows the approval of the amendment by the company's shareholders earlier in the week. The reduction in authorized shares is a significant change to Cocrystal Pharma's capital structure.
During the same meeting, stockholders also voted on several other key proposals. Six directors were elected to the company's Board, and Weinberg & Company was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024. Additionally, the executive compensation package was approved on a non-binding advisory basis, and it was decided that the frequency of stockholder votes on executive compensation would occur every three years.
However, a proposed amendment to the Certificate of Incorporation that would limit the liability of the company's officers did not receive approval from the stockholders.
Cocrystal Pharma, headquartered in Bothell, WA, is known for its work in developing novel antiviral therapeutics. The company operates under the industrial classification of pharmaceutical preparations.
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