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Aditxt, Inc., a pharmaceutical company with a market capitalization of just $0.8 million and currently trading at $0.05 per share, held a special meeting on Monday where stockholders voted to approve a reverse stock split and adjourned the meeting to March 17, 2025, for further voting on additional proposals. The company, which trades under the (NASDAQ:ADTX) symbol and has seen its stock price decline by 67% year-to-date according to InvestingPro data, sought and received authorization for its board of directors to implement a reverse stock split at a ratio ranging from one-for-five to one-for-two hundred fifty, to be determined at the board’s discretion within a year.
The reverse stock split proposal received 16,512,358 votes for, 10,142,608 against, and 624,961 abstentions. Additionally, stockholders voted in favor of adjourning the special meeting if necessary, with 18,769,185 votes for, 7,413,719 against, and 1,097,023 abstentions. InvestingPro analysis reveals the company faces significant financial challenges, with a concerning current ratio of 0.09 and substantial debt burden, indicating potential liquidity pressures.
The adjournment was to allow more time for voting on three proposals related to the issuance of common stock underlying preferred stock and warrants, in compliance with Nasdaq Marketplace Rule 5635(d). These proposals concern shares of Series A-1 Convertible Preferred Stock issued in December 2023, shares of Series C-1 Convertible Preferred Stock and associated warrants issued in May and August 2024, and shares underlying common stock purchase warrants issued in July 2024.
The adjourned meeting, set to be conducted via live webcast, aims to gather additional stockholder votes on the pending proposals. This information is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Aditxt, Inc. announced plans for its subsidiary, Pearsanta, Inc., to go public with an initial public offering (IPO) expected in 2025. The IPO, led by Dominari Securities LLC, aims to support Pearsanta’s commercial launch in U.S. and international markets, focusing on its Mitomic® Technology for early cancer detection. This technology utilizes mitochondrial DNA deletions as biomarkers for disease detection, with a particular emphasis on developing non-invasive blood tests for early-stage cancer. Pearsanta’s IPO is part of a broader strategy to fund the launch of its Laboratory Developed Tests and facilitate global commercialization through partnerships and regulatory approvals. The company has also submitted a $2.3 million proposal to the Department of Defense to evaluate the efficacy of its Mitomic Prostate Test, with a decision expected in the first half of 2025. Despite a setback in funding for the Mitomic Ovarian Test, Pearsanta continues to seek additional funding and clinical validation. Aditxt’s strategy involves collaborating with research institutions and industry partners to advance health innovations, with plans to introduce new programs in public health and women’s health. The success of these initiatives depends on securing sufficient capital and obtaining necessary approvals.
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