🎈 Up Big Today: Find today's biggest gainers with our free screenerTry Stock Screener

Lipella Pharmaceuticals reschedules special meeting

Published 06/12/2024, 23:20
LIPO
-

Lipella Pharmaceuticals Inc. (NASDAQ:LIPO), a micro-cap pharmaceutical company with a market capitalization of $3.74 million, announced today that its special stockholders meeting, initially set for today, lacked a quorum for conducting business.

According to InvestingPro data, the company maintains strong liquidity with a current ratio of 2.97, though it faces challenges with rapid cash burn. Consequently, the meeting has been adjourned and rescheduled for December 20, 2024, at 2:00 p.m. Eastern Time.

The adjournment was announced during the meeting after determining the number of shares present in person and by proxy was insufficient for a quorum. The reconvened meeting comes at a challenging time for the company, with InvestingPro analysis showing a significant year-to-date decline of 62% in share price.

The company's principal executive office is located at 7800 Susquehanna St., Suite 505, Pittsburgh, PA 15208, and the meeting will be held virtually. Lipella Pharmaceuticals Inc. has taken this step to ensure that all stockholders have the opportunity to be represented and to vote on matters affecting the company's governance and future operations.

In other recent news, Lipella Pharmaceuticals has initiated a series of strategic moves, including a reverse stock split and a registered direct offering of its common stock. The company aims to raise approximately $1.28 million from the offering, with H.C. Wainwright & Co. serving as the exclusive placement agent. This decision follows the recent approval of a one-for-eight reverse stock split by the company's stockholders during the annual meeting.

The reverse stock split will consolidate every eight shares of existing common stock into one share, affecting the total number of outstanding shares, options, and warrants proportionally. No fractional shares will be issued, and shareholders receiving a fractional share will be compensated with the cash equivalent.

In the midst of these challenges, Lipella reported positive early results from a Phase 2a clinical trial for LP-310, a treatment for Oral Lichen Planus. The company has also initiated a Phase 2b clinical trial for LP-10, a potential remedy for hemorrhagic cystitis, with preliminary approval from the U.S. Food & Drug Administration.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.