SMYRNA, GA - GeoVax Labs, Inc., a biotechnology company specializing in pharmaceutical preparations, announced today that it has postponed its Special Meeting of Stockholders due to insufficient quorum. The meeting, which was originally scheduled for today, will now be reconvened on October 1, 2024, at 8:30 a.m. Eastern Time.
The company disclosed in a recent SEC filing that the decision to adjourn and reschedule the meeting was made after determining that the number of stockholders present, either in person or by proxy, did not meet the required quorum for conducting business. At the time of adjournment, approximately 24% of the shares entitled to vote had been represented.
GeoVax emphasized that there have been no alterations to the voting proposals as outlined in the proxy statement filed on August 1, 2024. The proposals awaiting stockholder vote remain unchanged, and the company has not indicated any specific reasons for the low stockholder turnout.
Stockholders who have already submitted their proxies do not need to vote again, as their votes will be counted at the reconvened meeting unless they decide to revoke their proxies. The company is urging those who have not yet voted to do so before the new meeting date to ensure their voices are heard.
The delay in the Special Meeting underscores the challenges companies may face in mobilizing stockholders to participate in governance decisions. GeoVax's stock is listed on The Nasdaq Capital Market under the ticker symbols GOVX for its common stock and GOVXW for its warrants to purchase common stock.
In other recent news, GeoVax Labs has announced plans to raise approximately $8.5 million through a registered direct offering and concurrent private placement, selling 1,700,000 shares of common stock to an institutional investor.
The proceeds are expected to be utilized for working capital and general corporate purposes. The company's leading clinical program, a next-generation COVID-19 vaccine, GEO-CM04S1, is currently undergoing Phase 2 clinical trials.
GeoVax has also advanced its Gedeptin cancer treatment to a Phase 2 clinical trial and secured a significant contract from the Biomedical Advanced Research and Development Authority (BARDA) worth approximately $24.3 million for a Phase 2b clinical trial of its COVID-19 vaccine candidate, GEO-CM04S1.
Several analyst firms including EF Hutton, Roth/MKM, and H.C. Wainwright have initiated coverage on GeoVax with a Buy rating, highlighting the potential revenue streams from its vaccine candidates, GEO-MVA and GEO-CM04S1.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.