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GRI Bio, Inc., a Delaware-incorporated pharmaceutical company, announced today that its stockholders have approved the adjournment of the 2024 Annual Meeting of Stockholders. The decision was made during the meeting held on Friday, allowing for additional time to solicit proxies for the remaining proposals outlined in the company's Proxy Statement.
The adjournment proposal received a majority of votes, with 157,455 in favor, 99,095 against, and 16 abstentions. This vote was necessary as the company did not have sufficient votes at the time to adopt the proposals or to establish a quorum.
The record date for determining stockholders entitled to vote was June 27, 2024. Out of 741,914 shares eligible to vote, approximately 34.58% were present or represented by proxy at the meeting. The company's bylaws require a quorum of one-third of the voting power of the outstanding stock entitled to vote, which was achieved.
The adjourned meeting is now scheduled to take place virtually on Friday, September 6, 2024, at 11:00 a.m. Eastern Time. The meeting can be accessed at www.virtualshareholdermeeting.com/GRI2024. The purpose of the adjournment is to allow GRI Bio, Inc. to continue soliciting additional proxies to pass the remaining proposals which were initially put forth in the Proxy Statement.
GRI Bio, Inc., previously known as Vallon Pharmaceuticals, Inc., specializes in pharmaceutical preparations and is listed on the Nasdaq Capital Market under the ticker symbol GRI. The company is headquartered in La Jolla, California.
In other recent news, GRI Bio, Inc. has made significant strides in its operations. The pharmaceutical company has expanded its at-the-market offering program, paving the way for the issuance of an aggregate of $2,644,609 worth of the company's common stock.
This comes after the sale of approximately $961,272 worth of shares under the existing agreement with H.C. Wainwright & Co., LLC.
GRI Bio has also announced a public offering of over 2 million shares of common stock and Series C warrants, predicted to generate about $4 million in gross proceeds. Additionally, the company has initiated a 1-for-13 reverse stock split, reducing the total outstanding shares from approximately 6.6 million to about 508,091 shares.
In compliance news, GRI Bio has regained compliance with Nasdaq's listing standards, canceling a previously scheduled hearing with the Nasdaq Hearings Panel. On the research front, the company reported positive preclinical data for its lead drug candidate, GRI-0621, which targets Idiopathic Pulmonary Fibrosis, and for its type 2 Natural Killer T (NKT) cell activators, GRI-0803 and GRI-0124, in treating systemic lupus erythematosus.
InvestingPro Insights
In light of the recent adjournment of GRI Bio, Inc.'s Annual Meeting of Stockholders, it is pertinent to consider the company’s financial metrics and market performance. According to InvestingPro data, GRI Bio, Inc. has a market capitalization of just $1.5 million, reflecting its status as a micro-cap stock. The company's price-to-book ratio as of the last twelve months ending Q2 2024 stands at 0.32, suggesting that the stock may be undervalued relative to its net asset value. However, this must be viewed in the context of the company's significant operating loss of -$8.37 million over the same period, which indicates operational challenges.
InvestingPro Tips highlight that GRI Bio holds more cash than debt on its balance sheet, which could provide some financial flexibility. Additionally, the stock is currently in oversold territory according to the Relative Strength Index (RSI), possibly signaling a potential rebound or at least investor caution about selling. These insights, along with over 13 additional tips available on InvestingPro, could prove valuable for investors looking to understand the risk and opportunities associated with GRI Bio, Inc. as they await the rescheduled stockholders' meeting.
Investors and stakeholders can access further analysis and tips to better assess the company’s prospects by visiting https://www.investing.com/pro/GRI.
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