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Adial Pharmaceuticals, Inc. (NASDAQ:ADIL), a micro-cap pharmaceutical company with a market capitalization of $7.23 million, announced Friday that shareholders approved several key proposals at its 2025 Annual Meeting, according to a company statement based on a recent SEC filing. The company’s stock, which InvestingPro data shows has declined over 56% year-to-date, trades at $0.46 per share.
Stockholders approved an amendment to the company’s Certificate of Incorporation to increase the authorized number of common shares from 50,000,000 to 100,000,000. The amendment, approved by both shareholders and the board, was filed with the Delaware Secretary of State and became effective at 4:00 p.m. Eastern Time on Friday.
Shareholders also approved Amendment No. 7 to the 2017 Equity Incentive Plan, raising the number of shares authorized for grant under the plan from 2,000,000 to 5,000,000.
Two directors, Kevin Schuyler and Tony Goodman, were re-elected as Class I directors to serve until the 2028 Annual Meeting. Schuyler received 1,475,557 votes in favor and Goodman received 1,504,799 votes in favor, with 2,849,163 broker non-votes recorded for each.
Other proposals approved at the meeting included:
- Ratification of CBIZ (NYSE:CBZ) CPAs P.C. as the company’s independent registered public accounting firm for the year ending December 31, 2025.
- Approval for the issuance of up to 6,730,376 shares of common stock upon exercise of Series B-1, Series C-1, and placement agent warrants from a May 2025 private placement.
- Approval for the issuance of up to 19,425,000 shares of common stock upon exercise of Series D and Series E warrants from a June 2025 offering.
- Approval of an amendment to effect a reverse stock split at a ratio of between 1-for-2 and 1-for-25, with the exact ratio to be determined by the board.
- Approval for the potential adjournment of the meeting to allow further solicitation of proxies if needed.
All proposals passed with the requisite shareholder votes. The information in this article is based on a press release statement and the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Adial Pharmaceuticals has announced the pricing of a public offering, which is expected to raise approximately $3.6 million in gross proceeds. This move comes as the company works to regain compliance with Nasdaq’s minimum stockholders’ equity requirement, following a previous notice of non-compliance. Additionally, Adial has filed an update to its provisional patent application for its investigational treatment for Alcohol Use Disorder, AD04, which could extend patent protection until 2045. In a strategic development, Adial has signed manufacturing agreements with Thermo Fisher Scientific (NYSE:TMO) and Cambrex to produce AD04 for upcoming clinical trials and a planned New Drug Application submission to the FDA. The company has also rescheduled its 2025 Annual Meeting of Stockholders to August 1, 2025, while maintaining the original record date for voting eligibility. These developments highlight Adial’s ongoing efforts to advance its therapeutic pipeline and strengthen its financial standing.
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