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Azitra, Inc. (NYSE American:AZTR) shareholders approved an amendment to the company’s certificate of incorporation to increase the authorized number of common shares from 100,000,000 to 200,000,000. The decision was made at the reconvened annual meeting held Thursday, following an adjournment of the original meeting on June 23 to allow more time for voting on the proposal. The move comes as the company faces significant challenges, with InvestingPro data showing the stock has declined nearly 90% over the past year while rapidly depleting its cash reserves.
According to a statement based on a SEC filing, the amendment was adopted after stockholders voted 1,090,701 shares in favor, 278,960 shares against, and 2,607 shares abstaining. There were 7,217,442 broker non-votes. Proxies representing over one-third of the outstanding shares were submitted, constituting a quorum for the meeting.
After the proposal passed, Azitra filed a Certificate of Amendment with the Secretary of State of Delaware to implement the authorized share increase.
Azitra, based in Branford, Connecticut, is classified under pharmaceutical preparations. The company’s fiscal year ends December 31. The information in this article is based on a statement from the company’s SEC Form 8-K filed Thursday.
In other recent news, Azitra, Inc. has reported positive safety data from its Phase 1b clinical trial for ATR12-351, a live biotherapeutic candidate targeting Netherton syndrome. The trial has reached 50% enrollment, with six patients dosed and no severe or serious adverse events observed. Azitra is also advancing its ATR04-484 program, targeting EGFR inhibitor-associated rash, with ongoing clinical trials. Additionally, Azitra has secured a funding deal with Alumni Capital LP, allowing the company to raise up to $20 million over a 20-month period to support its dermatology treatments. This agreement provides Azitra the flexibility to sell shares and warrants at market-based prices, while maintaining control over the timing and amount of equity sales. The funding aims to support the development of Azitra’s therapies for rare and severe skin conditions. The share purchase agreement requires certain conditions, such as shareholder approval for the exercise of warrants. Azitra’s innovative approach combines engineered proteins and live biotherapeutic products with artificial intelligence to identify drug candidates.
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