These developments are expected to support Quoin Pharmaceuticals' strategic goals and governance practices. While the company currently holds more cash than debt on its balance sheet, InvestingPro analysis indicates it's not yet profitable, with an EBITDA of -$9.24 million in the last twelve months. The information provided is based on the company's SEC filing and reflects the results of shareholder votes and board decisions as of December 9, 2024.
For deeper insights into Quoin Pharmaceuticals' financial health and future prospects, including 8 additional ProTips and comprehensive valuation metrics, explore the full Pro Research Report available on InvestingPro.
The amendments to the Articles of Association include a new provision for convening special shareholder meetings in line with Israeli Companies Regulations and a change in quorum requirements for general meetings. Now, a quorum of 33 1/3% is needed unless Quoin qualifies as a "foreign private issuer" under U.S. federal securities laws, in which case a 25% quorum is sufficient.
The shareholders also approved compensation programs for CEO Dr. Michael Myers and COO Denise Carter. Dr. Myers' program allows for up to a 15% annual salary increase, an annual cash bonus of up to 50% of his base salary, and an annual equity grant worth up to 500% of his total fixed compensation. Similarly, Ms. Carter's (NYSE:CRI) compensation program includes the same provisions.
Both programs are designed to align with the company's Compensation Policy and provide competitive incentives without further shareholder approval.
Additionally, the Compensation Committee and the Board ratified the 2024 base salaries for Dr. Myers and Ms. Carter, approved their discretionary cash bonuses for fiscal 2023, and granted them options to purchase ADSs under the company's equity incentive plan.
The shareholders also re-elected directors, approved amendments to the non-employee directors' compensation program, and appointed Marcum LLP as the company's auditor until the next annual meeting. Furthermore, shareholders endorsed Dr. Myers serving concurrently as CEO and Chairman of the Board for the next three years.
These developments are expected to support Quoin Pharmaceuticals' strategic goals and governance practices. While the company currently holds more cash than debt on its balance sheet, InvestingPro analysis indicates it's not yet profitable, with an EBITDA of -$9.24 million in the last twelve months.
The information provided is based on the company's SEC filing and reflects the results of shareholder votes and board decisions as of December 9, 2024. For deeper insights into Quoin Pharmaceuticals' financial health and future prospects, including 8 additional ProTips and comprehensive valuation metrics, explore the full Pro Research Report available on InvestingPro.
In other recent news, Quoin Pharmaceuticals has made significant strides in its Netherton Syndrome treatment trial, advancing the clinical assessment of QRX003, a potential remedy for this rare genetic disorder. The trial has been extended to include three additional pediatric patients in Spain, and the company plans to open two more trial sites in the United Kingdom (TADAWUL:4280).
Quoin Pharmaceuticals has also been granted an additional 180-day period by The Nasdaq Stock Market LLC to meet its minimum bid price requirement, based on the company's compliance with all other Nasdaq Capital Market initial listing standards.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.