Synaptogenix, Inc. (NASDAQ:SNPX), a pharmaceutical company focused on developing treatments for neurological conditions, held its Annual Meeting of Stockholders on Thursday. The company, currently valued at $3.85 million with shares trading at $2.84, has seen its stock decline over 56% year-to-date.
According to InvestingPro analysis, while the company maintains strong liquidity with a current ratio of 65.36, it faces challenges with rapid cash burn. During the meeting, the company's stockholders voted on several key proposals, including the election of directors, authorization to issue stock, and amendments to the equity incentive plan.
The election of directors saw Joshua Silverman and William S. Singer re-elected to the board with 369,569 and 367,990 votes for, respectively. Both will serve until the 2027 annual meeting. There were 109,201 withheld votes for Silverman and 110,780 for Singer, alongside 368,218 broker non-votes for each. The leadership faces significant challenges, as InvestingPro data shows the company is not currently profitable, with a return on equity of -46%.
Stockholders also authorized the board to issue shares of common stock underlying shares of convertible preferred stock and warrants issued pursuant to a Securities Purchase Agreement dated September 10, 2024. This authorization allows issuance in excess of 20% of the company's common stock outstanding, with 246,470 votes for, 100,776 against, 14,180 abstentions, and 485,562 broker non-votes.
Additionally, an amendment to increase the total number of shares authorized for issuance under the Synaptogenix, Inc. 2020 Equity Incentive Plan from 175,000 to 675,000 shares of Common Stock was approved. The vote count for this proposal was 270,829 for, 194,623 against, 13,318 abstentions, and 368,218 broker non-votes.
Lastly, the appointment of Stephano Slack as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with 690,006 votes for, 143,414 against, and 13,568 abstentions.
The meeting, which took place in New York, had a quorum present with 54.03% of outstanding shares represented. The proposals are detailed in the company’s recent SEC filing and reflect the ongoing efforts of Synaptogenix to align its corporate governance with shareholder interests.
In other recent news, Synaptogenix, Inc. has made several significant announcements. The company recently secured $5 million in preferred stock financing, which will reportedly fund strategic opportunities, including potential acquisitions and innovative research. Synaptogenix also announced the appointment of Stephano Slack LLC as its new independent registered public accounting firm, following the resignation of Morison Cogen LLP.
In an effort to provide new investment opportunities, Synaptogenix has created a new series of preferred stock, the Series C Convertible Preferred Stock, offering investors a 5% annual dividend which can increase to 15% under certain conditions. The company has also extended the maturity date of its Series B Convertible Preferred Stock.
Synaptogenix has initiated pre-clinical trials for polyunsaturated fatty acid (PUFA) analogs, targeting spinal cord injuries, in partnership with the Neuroscience Center of Excellence at LSU Health New Orleans. The PUFA compounds have been granted a patent by the US Patent and Trademark Office, indicating their potential in treating neurodegenerative disorders.
Additionally, Synaptogenix has received FDA authorization to proceed with a clinical trial for Bryostatin-1, a potential treatment for multiple sclerosis. The trial will be conducted at the Mellen Center for Multiple Sclerosis, part of the Cleveland Clinic Neurological Institute. Lastly, Synaptogenix has regained compliance with Nasdaq's minimum bid price requirement through a 1-for-25 reverse stock split, ensuring its continued listing on the Nasdaq Capital Market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.