Virpax Pharmaceuticals, Inc. (NASDAQ:VRPX), a company specializing in pharmaceutical preparations, has announced a change to its corporate bylaws affecting shareholder meeting quorum.
The amendment, effective as of Wednesday, reduces the quorum from a majority to 34% of the voting power of the outstanding shares entitled to vote. According to InvestingPro data, the micro-cap company, currently valued at $2.26 million, has seen its stock price decline to $0.46, with significant challenges reflected in its weak financial health score.
The Berwyn, Pennsylvania-based company, incorporated in Delaware, filed the change with the Securities and Exchange Commission (SEC) on Friday. The adjustment in quorum requirements is designed to facilitate the conduct of shareholder meetings and decision-making processes. This move comes as the company faces financial headwinds, with InvestingPro analysis indicating the stock may be undervalued despite its current challenges, including a concerning current ratio of 0.13.
This move comes as Virpax Pharmaceuticals continues to operate as an emerging growth company, a status that allows for certain reporting relaxations under SEC regulations. The company has not elected to use the extended transition period for complying with new or revised financial accounting standards.
Virpax's stock trades on The Nasdaq Capital Market under the ticker VRPX. The company's fiscal year ends on December 31. The information regarding this amendment to the bylaws is based on the press release statement filed with the SEC.
In other recent news, Virpax Pharmaceuticals announced a series of significant developments. The company regained compliance with Nasdaq's independent director and audit committee requirements, following the appointment of Ms. Esha Randhawa as an independent director. This move effectively closed a non-compliance issue that arose after a board member's resignation in September.
Additionally, Virpax Pharmaceuticals priced a $5 million public offering, managed by Spartan Capital Securities. The proceeds are planned to support the investigational new drug (IND) filing for Probudur™, an injectable local anesthetic for post-operative pain management. The company also appointed Katharyn Field as Vice President and principal executive officer, and Usama Chaudhry as its new Chief Financial Officer, bolstering its executive team.
In terms of product development, Virpax extended its research collaboration with the National Center for Advancing Translational Sciences, focusing on NES100, a non-opioid alternative for pain suppression. The company plans to file an Investigational New Drug Application for Probudur by the end of the year.
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