SAB Biotherapeutics, Inc. (NASDAQ:SABS), a biopharmaceutical company, concluded its 2024 Annual Meeting of Stockholders on Thursday, with shareholders voting in favor of all proposed items, including the election of directors and an amendment to the company's equity incentive plan.
In the meeting, approximately 73.40% of the outstanding shares were represented, establishing a quorum. Shareholders re-elected Samuel J. Reich, Christine Hamilton, and Eddie J. Sullivan as Class III directors for a three-year term. Reich received 5,080,387 votes for his election, Hamilton received 4,890,928, and Sullivan garnered 5,151,258 votes, with the remainder of votes withheld.
Furthermore, shareholders approved an amendment to the 2021 Omnibus Equity Incentive Plan, which includes an increase of 3,900,000 shares available to participants, raising the total to 5,500,000 shares. Moreover, the amendment adjusts the annual evergreen percentage increase and the maximum number of additional shares available for issuance. The Plan Amendment received 4,172,299 votes for, 1,325,194 against, and 3,601 abstentions.
The appointment of EisnerAmper LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was also ratified with an overwhelming majority of 6,779,831 votes for, 13,530 against, and 12,776 abstentions.
The results of the voting indicate strong shareholder support for the company's management and strategic initiatives. SAB Biotherapeutics, based in Miami Beach, Florida, specializes in biological products and operates under the name 03 Life Sciences. The company, incorporated in Delaware and previously known as Big Cypress Acquisition Corp., is recognized for its work in the biopharmaceutical industry.
This report is based on a press release statement and accurately reflects the outcomes of the votes submitted by SAB Biotherapeutics' shareholders during the Annual Meeting.
In other recent news, SAB Biotherapeutics has rebranded to SAB BIO, reflecting its focus on developing treatments for type 1 diabetes (T1D). The company's lead asset, SAB-142, a potential T1D therapy, has gained FDA IND clearance, paving the way for a Phase 1 clinical trial. The company's financial officer, Michael King, is set to depart, with Mark Conley stepping in as the acting CFO.
SAB BIO has also welcomed Dr. Jay Skyler, a renowned T1D expert, to its Board of Directors. H.C. Wainwright revised its full-year 2024 earnings per share (EPS) estimate for SAB BIO to a loss of $4.90, while maintaining a Buy rating on the stock. These are some of the recent developments at SAB BIO, which continues to make strides in its clinical program for T1D therapy.
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