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Akari Therapeutics Plc (NASDAQ:AKTX), a biotechnology company with a current market capitalization of $37.64 million, reported Tuesday that shareholders approved all proposals at its Annual General Meeting held Monday, according to a press release statement based on an SEC filing. The company’s stock, currently trading at $1.17, has experienced a significant decline of nearly 64% over the past year. InvestingPro analysis indicates the company faces several financial challenges, with additional insights available to subscribers.
Shareholders voted to increase the number of shares available for grant under the company’s 2023 Equity Incentive Plan by 11,026,000,000 ordinary shares, bringing the total to 19,806,000,000 ordinary shares (equivalent to 9,903,000 American Depositary Shares). The plan also allows for up to 855,637,300 additional ordinary shares to be added if awards granted under the 2014 Equity Incentive Plan are forfeited, canceled, or expire unexercised. This expansion comes as the company faces financial headwinds, with InvestingPro data showing negative EBITDA of $14.18 million and a concerning current ratio of 0.16.
All director nominees were re-elected. The directors re-elected as Class A Directors were Hoyoung Huh, Robert Bazemore, James Neal, Sandip I. Patel, Samir (CSE:SAM) R. Patel, and Abizer Gaslightwala.
Other resolutions approved by shareholders included the receipt of the board’s report and accounts for the year ended December 31, 2024, approval of the board’s remuneration report, ratification of BDO USA, P.C. as independent registered public accounting firm for the year ending December 31, 2025, and the re-appointment of HaysMac LLP as statutory auditors.
Shareholders also approved a proposal authorizing the board to allot shares and grant rights up to an aggregate nominal amount of $20,000,000 through June 30, 2030, and a special resolution empowering the board to allot equity securities for cash without pre-emption rights for a period of five years, conditional on the general allotment proposal being passed.
Votes in favor of the resolutions ranged from approximately 27.5 billion to 41.5 billion ordinary shares, with each proposal receiving the required majority.
This information is based on a press release statement and details disclosed in the company’s SEC filing.
In other recent news, Akari Therapeutics has been granted a patent in India for its PH1 payload technology, enhancing its global intellectual property portfolio. This patent covers Akari’s spliceosome inhibitor payload, proprietary linkers, and antibody drug conjugate technology for cancer treatment applications. The company already holds patents in the United States, China, and Israel, with pending applications in several other countries. Additionally, Akari Therapeutics has announced the appointment of Mark F. Kubik as Head of Business Development - Oncology. Kubik brings over 25 years of industry experience to the role, having worked at companies like SeaGen and Abgenix. He will lead business development activities for Akari’s ADC platform and its lead asset, AKTX-101. Akari’s President and CEO, Abizer Gaslightwala, expressed confidence in Kubik’s ability to advance the company’s ADC technology. Kubik noted the increasing interest from major pharmaceutical companies in early-stage ADCs and the potential of Akari’s novel payload to enhance therapeutic outcomes.
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