On Thursday, GRI Bio, Inc., a pharmaceutical company specializing in preparations, reported the outcomes of its 2024 Annual Meeting of Stockholders. The meeting, which took place virtually, saw the election of a director, ratification of an accounting firm, and approval of common stock issuances and an equity plan amendment.
The company, formerly known as Vallon Pharmaceuticals, Inc., reconvened the meeting initially held on August 23, 2024. With a quorum of approximately 42% of eligible shares represented, shareholders voted on several key proposals.
David Baker was elected to GRI Bio's Board of Directors as a Class I director, with his term extending until the 2027 Annual Meeting of Stockholders. The election saw 61,134 votes in favor, 40,091 against, and 155 abstentions, with 210,288 broker non-votes.
Shareholders also ratified the appointment of Sadler, Gibb & Associates LLC as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2024. This proposal received 285,641 votes for, 25,988 against, and 39 abstentions.
In compliance with Nasdaq Rule 5635(d), the issuance of shares underlying Series C-1 and Series C-2 Common Warrants, and Placement Agent Warrants, was approved. These warrants were issued in connection with a Securities Purchase Agreement dated June 26, 2024, and an Engagement Letter with H.C. Wainwright & Co., LLC dated May 3, 2024. The proposal garnered 51,165 votes for, 47,971 against, and 2,244 abstentions, with 210,288 broker non-votes.
Finally, an amendment to the company’s Amended and Restated 2018 Equity Incentive Plan was approved. The amendment increases the aggregate number of shares available for issuance by 600,000. This proposal received 31,556 votes for, 68,911 against, and 913 abstentions, along with 210,288 broker non-votes.
The information provided here is based on a press release statement from GRI Bio, Inc. and reflects the company's SEC filing.
In other recent news, GRI Bio, Inc. has reported positive preclinical data for its lead drug candidate, GRI-0621, which targets Idiopathic Pulmonary Fibrosis. The pharmaceutical company has also announced a public offering of over 2 million shares of common stock and Series C warrants, predicted to generate about $4 million in gross proceeds. Moreover, GRI Bio has initiated a 1-for-13 reverse stock split, reducing the total outstanding shares from approximately 6.6 million to about 508,091 shares.
In compliance news, GRI Bio has regained compliance with Nasdaq's listing standards, canceling a previously scheduled hearing with the Nasdaq Hearings Panel. The company has also expanded its at-the-market offering program, paving the way for the issuance of an aggregate of $2,644,609 worth of the company's common stock.
Furthermore, GRI Bio's stockholders have approved the adjournment of the 2024 Annual Meeting of Stockholders, allowing for additional time to solicit proxies for the remaining proposals. These are the recent developments in GRI Bio's ongoing research and development efforts, financial strategies, and corporate governance.
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