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Abpro Holdings, Inc. (NASDAQ:ABP), a biotechnology company with a market capitalization of $247 million, reported Tuesday that shareholders approved all proposals at its annual meeting held Friday, according to a statement based on a recent SEC filing. According to InvestingPro data, the stock has experienced significant volatility, falling over the past week but showing strong momentum with a 40% gain over the past year.
At the meeting, stockholders voted on three key items: the election of one director, the ratification of the company’s independent auditor, and an amendment to the certificate of incorporation to implement a reverse stock split.
Ian McDonald was elected as a Class I director to serve until the 2028 annual meeting. The vote tally for McDonald was 30,544,989 in favor, 8,122,953 withheld, and 10,863,999 broker non-votes.
Shareholders also ratified the appointment of Wolf & Company, P.C. as Abpro’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The vote was 48,873,247 for, 380,320 against, and 278,374 abstentions.
In addition, stockholders approved an amendment to the company’s certificate of incorporation to effect a reverse stock split of Abpro’s common stock at a ratio of 1-for-30. The proposal received 26,657,935 votes in favor, with no votes against or abstentions recorded.
On the record date, there were 81,150,000 shares issued and 80,166,667 shares outstanding, with 49,531,941 votes represented at the meeting, constituting approximately 61.8% of eligible shares.
Abpro Holdings, Inc. is listed on the Nasdaq Stock Market under the symbols ABP for its common stock and ABPWW for its warrants. The information in this article is based on a press release statement and a filing with the Securities and Exchange Commission. InvestingPro analysis shows the company has received a "Strong Buy" consensus from analysts, with additional insights and financial metrics available to subscribers.
In other recent news, Abpro Holdings announced the furlough of its Chief Medical Officer, Robert J. Markelewicz, Jr., M.D., M.M.Sc., effective immediately. The company stated that Dr. Markelewicz will not perform any duties during the furlough period, which will last until November 30, 2025, when his employment will be terminated. This development comes as part of the company’s ongoing personnel changes. Meanwhile, Sitryx Therapeutics appointed Adam Mostafa as Chief Financial Officer. Mostafa has over 25 years of experience in biotechnology capital markets and mergers and acquisitions. His previous role was CFO at X4 Pharmaceuticals, where he played a key role in a reverse merger and supported a significant FDA approval. These recent developments highlight ongoing executive changes in the biopharmaceutical sector.
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