In a recent development, Silexion Therapeutics Corp (NASDAQ:SLXN) announced the approval of a reverse share split by its shareholders. The decision was made during a reconvened extraordinary general meeting on Tuesday, following an initial adjournment on November 12, 2024, due to a lack of quorum.
During the meeting, which saw a 29.5% attendance of the company's outstanding ordinary shares, a quorum was established after a half-hour wait, allowing the proceedings to continue. The sole agenda item, a proposal for a reverse share split of the company's ordinary shares at a ratio of 1-for-9, received overwhelming support with 93.6% of the votes in favor, excluding abstentions.
This corporate action will consolidate the company's issued and outstanding ordinary shares, as well as authorized but unissued shares, from a par value of $0.0001 to $0.0009 per share. The reverse split is intended to reduce the number of ordinary shares and is seen as a strategic move by the board of directors.
The reverse share split required a majority vote from the shares present and voting, discounting abstentions. The final tally resulted in 3,933,463 votes supporting the proposal, 267,128 against, and 722 abstentions.
Silexion Therapeutics, which operates under the industrial classification of Biological Products (excluding Diagnostic Substances), had its name changed from Biomotion Sciences on May 6, 2024. The company, now based in Ramat Gan, Israel, was previously known as Biomotion Sciences. The CEO, Ilan Hadar, signed off on the SEC filing documenting this corporate decision.
In other recent news, Silexion Therapeutics Corp has made significant progress in its preclinical studies for SIL-204, a siRNA candidate aimed at treating KRAS-driven cancers. The new microparticle formulation of SIL-204 has shown substantial tumor reduction in mouse models of human pancreatic cancer. The company plans to initiate toxicology studies for SIL-204 soon and is preparing to move into Phase 2/3 clinical trials in the first half of 2026.
Silexion Therapeutics Corp also reported enhanced results from its Phase 2 trial of LODER™ in treating locally advanced pancreatic cancer. The study indicated a 56% objective response rate among patients and a 67% increase in resectability for previously non-resectable tumors.
In addition to these developments, Silexion Therapeutics Corp announced the immediate resignation of board member Ilan Shiloah due to competing time demands. His departure leaves vacancies on the audit, compensation, and corporate governance and nominating committees. This follows the company's recent merger with Moringa Acquisition Corp and a name change from Biomotion Sciences to Silexion Therapeutics Corp. These are the latest developments in the evolving corporate landscape of Silexion Therapeutics Corp.
InvestingPro Insights
The recent decision by Silexion Therapeutics Corp (NASDAQ:SLXN) to implement a reverse share split comes at a challenging time for the company's stock performance. According to InvestingPro data, SLXN has experienced significant price declines across various timeframes. The stock has fallen by 15.28% in the past week and a staggering 98.04% over the last six months. This context underscores the company's motivation for the reverse split, which is often used to boost share price and maintain listing requirements.
InvestingPro Tips highlight that SLXN generally trades with high price volatility and has taken a big hit over the last week, month, and six months. These observations align with the company's decision to consolidate shares, potentially aiming to stabilize the stock price and improve market perception.
It's worth noting that SLXN's current price of $0.22 is only 1.69% of its 52-week high, further illustrating the stock's recent struggles. The company's market capitalization stands at a modest $1.91 million, reflecting its current valuation challenges.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights that could provide valuable context to Silexion's strategic decisions and future prospects.
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