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TORONTO - Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF), currently valued at approximately $71 million, announced Wednesday that shareholders elected all nominated directors with over 97% approval at the company’s Annual and Special Meeting, with 41.15% of outstanding shares represented. According to InvestingPro data, the company maintains strong liquidity with a current ratio of 16.4x, though it faces profitability challenges.
Shareholders also approved a potential reverse stock split at a ratio between 1-for-5 and 1-for-15, subject to board implementation. The company’s board will determine whether to proceed with the reverse split and would announce the specific ratio and effective date if implemented. InvestingPro analysis reveals the company holds more cash than debt, though it’s currently burning through cash reserves rapidly.
The meeting saw the re-appointment of PricewaterhouseCoopers LLP as the company’s auditors, according to the press release statement.
Satellos is developing SAT-3247, an oral small molecule drug targeting AAK1 protein to address muscle repair deficits in Duchenne muscular dystrophy. The drug aims to restore dystrophin signaling in muscle stem cells to promote natural muscle regeneration.
The elected board includes Frank Gleeson, Franklin M. Berger, Brian Bloom, Stephanie Brown, Selwyn Ho, Iris Loew-Friedrich, Geoff Mackay, and Adam Mostafa. Frank Gleeson received the highest approval rate at 99.99%.
The company noted that detailed voting results will be filed on SEDAR+, Canada’s electronic document filing system for securities regulatory filings.
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