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Acurx Pharmaceuticals, Inc. (NASDAQ:ACXP) announced Thursday that shareholders approved all six proposals presented at the company’s annual meeting, according to a statement based on a recent SEC filing.
At the meeting, held on Thursday, approximately 74.38% of outstanding shares were represented in person or by proxy, establishing a quorum. The company reported 23,481,606 shares of common stock outstanding as of the record date, May 27.
Shareholders elected Carl V. Sailer and Thomas Harrison as Class I directors to serve until the 2028 annual meeting. Sailer received 8,901,598 votes in favor, while Harrison received 9,569,165 votes in favor.
The appointment of CohnReznick LLP as independent auditors for the fiscal year ending December 31, 2025, was ratified, with 16,381,852 shares voted in favor and 354,692 against.
Shareholders also approved an amendment to the certificate of incorporation authorizing a reverse stock split at a ratio between 1-for-10 and 1-for-30, with the specific ratio and timing to be determined by the board of directors. This measure received 15,991,274 votes in favor and 1,389,599 against. The approval comes as InvestingPro data shows the company maintains a weak overall financial health score of 1.22, though it notably holds more cash than debt on its balance sheet. For deeper insights into ACXP’s financial position and 10+ additional ProTips, consider exploring the comprehensive Pro Research Report available on InvestingPro.
Approval was granted for the issuance of shares underlying Series F and Wainwright Warrants, as well as for shares to be issued to Lincoln Park Capital Fund, LLC, in amounts equal to or exceeding 20% of the company’s outstanding stock before the respective transactions. The warrant issuance proposal received 10,481,270 votes in favor, while the Lincoln Park agreement received 9,825,684 votes in favor.
Lastly, shareholders approved an amendment to the 2021 Equity Incentive Plan, increasing the number of shares available under the plan from 177,448 to 2,677,448. This proposal received 7,627,995 votes in favor and 3,036,913 against.
All information is based on a press release statement and the company’s Form 8-K filed with the Securities and Exchange Commission.
In other recent news, Acurx Pharmaceuticals reported a narrower-than-expected loss for the first quarter of 2025, with an earnings per share (EPS) of -$0.11, surpassing the forecasted -$0.38. The company attributed this improvement to significant reductions in research and development (R&D) and administrative expenses. Acurx’s net loss was reduced to $2.1 million, down from $4.4 million in the previous quarter, while its cash position improved to $4.6 million. H.C. Wainwright resumed coverage on Acurx Pharmaceuticals with a Buy rating and set a price target of $8, citing the company’s potential to impact the anti-infectives market with its novel antibiotics. The company’s lead asset, ibezapolstat, is advancing towards Phase 3 clinical trials, targeting Clostridioides difficile infections. Acurx also received positive regulatory feedback from the European Medicines Agency for its clinical trial program. The company remains focused on advancing its Phase III trials and exploring additional funding opportunities to support its research and development efforts.
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