PALO ALTO, CA – 180 Life Sciences Corp. (NASDAQ:ATNF), a pharmaceutical company, announced today that its 2024 Annual Meeting of Shareholders is scheduled for December 27, 2024. The Board of Directors set the record date for shareholders eligible to vote at the meeting as October 31, 2024. However, the company noted that both the meeting date and record date are subject to change.
The announcement, based on a recent SEC filing, also highlighted that shareholder proposals for the Annual Meeting must be received by the company by November 8, 2024. This deadline is to ensure sufficient time for including such proposals in the proxy materials. Shareholder proposals must adhere to SEC Rule 14a-8 and the company's amended and restated bylaws. Proposals received after the November deadline will be considered untimely and not properly brought before the meeting.
The company, headquartered at 3000 El Camino Real, Building 4, Suite 200, Palo Alto, California, also specified that nominations for director or other business proposals must meet the same November 8 deadline. Submissions must be delivered to the company's principal executive offices to be considered.
In other recent news, 180 Life Sciences Corp. has made significant strides in its business operations. The biotechnology company has recently expanded its board with the addition of tech executive Jay Goodman, a move that aligns with its strategic shift to the online gaming industry. The company's new venture into gaming is marked by the acquisition of a back-end gaming platform, with plans to launch a business-to-consumer online casino.
180 Life Sciences Corp. has also entered into a warrant inducement agreement, resulting in the full cash exercise of existing warrants and the issuance of new ones, generating $3.32 million in gross proceeds before expenses. This financial boost is set to advance the commercialization of the company's gaming technology platform.
In addition, the company has made changes to its executive structure, finalizing a separation agreement with former executive, Sir Marc Feldmann, issuing him 57,328 shares of common stock and options for 20,000 shares.
In the field of biotechnology, 180 Life Sciences Corp. announced preliminary findings of a clinical pharmacology study showing that one of its cannabidiol (CBD) formulations outperformed the FDA-approved epilepsy drug, Epidiolex.
Lastly, the company has regained compliance with Nasdaq's minimum stockholders' equity requirement and has been granted an extension by the Nasdaq Listing Qualifications Panel to remain listed on The Nasdaq Stock Market, provided it meets specific conditions.
InvestingPro Insights
As 180 Life Sciences Corp. (NASDAQ:ATNF) prepares for its 2024 Annual Meeting of Shareholders, investors might benefit from additional financial insights. According to InvestingPro data, the company's market capitalization stands at a modest $4.49 million, reflecting its current position in the pharmaceutical industry.
InvestingPro Tips highlight that ATNF holds more cash than debt on its balance sheet, which could be a positive sign for shareholders concerned about the company's financial stability as it moves forward with its operations and potential shareholder proposals.
However, it's worth noting that ATNF has experienced significant price volatility recently. The stock has seen a strong return over the last month, with a remarkable 151.79% price total return. This short-term performance contrasts with its longer-term trajectory, as InvestingPro Tips indicate that the stock price has fallen significantly over the last five years.
For investors considering the company's future prospects, it's important to note that analysts do not anticipate ATNF to be profitable this year, according to another InvestingPro Tip. This aligns with the company's current financial situation, as it was not profitable over the last twelve months, with an adjusted operating income of -$8.93 million for the same period.
These insights offer a snapshot of ATNF's financial health and market performance as shareholders prepare for the upcoming annual meeting. For a more comprehensive analysis, InvestingPro offers 12 additional tips that could provide valuable context for investment decisions.
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