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REDWOOD CITY, CA - Bolt Biotherapeutics , Inc. (NASDAQ:BOLT), a pharmaceutical company currently valued at $13.4 million, announced changes to its corporate bylaws, effectively lowering the quorum needed for stockholder meetings. The amendment, passed by the board on Monday, stipulates that one-third of outstanding shares, instead of the previous majority, will now constitute a quorum. The company’s stock, which has declined over 68% in the past year, is currently trading below its InvestingPro Fair Value.
This decision, detailed in a recent SEC filing, means that the presence, in person or by proxy, of holders of one-third of the company’s stock is sufficient to conduct official business at stockholder meetings. This also applies when a vote specific to a class or series of stock is necessary, unless other statutory or exchange rules, or the company’s own certificate of incorporation or bylaws, dictate otherwise. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 3.2, though analysts anticipate a sales decline in the current year.
The move to amend the bylaws comes as part of the company’s efforts to streamline its governance processes. The changes took immediate effect following the board’s resolution.
Bolt Biotherapeutics, based in Redwood (NYSE:RWT) City, California, operates within the pharmaceutical preparations industry under the SIC code 2834. The company, formerly known as Bolt Therapeutics, Inc., underwent a name change on May 4, 2015, and is incorporated in Delaware.
The full text of the amended and restated bylaws was filed with the SEC as Exhibit 3.1 and is incorporated into the company’s public filings. This action does not alter the company’s fiscal year-end, which remains on December 31.
Investors and interested parties can obtain more information from the company’s latest 8-K filing with the SEC. This report serves as an official record of the company’s internal corporate decisions and is based on a press release statement issued by Bolt Biotherapeutics.
In other recent news, Bolt Biotherapeutics announced favorable results from its Phase 1 trial of BDC-3042, an immunotherapy treatment for various cancers. The study showed that BDC-3042 was well tolerated, with no serious adverse events and signs of anti-tumor activity, supporting its progression to Phase 2 trials. In corporate developments, Bolt Biotherapeutics modified its bylaws to reduce quorum requirements for shareholder meetings, aiming to streamline decision-making processes. On the analyst front, H.C. Wainwright maintained a Neutral rating on Bolt Biotherapeutics, noting the potential of the company’s clinical candidate, BDC-4182, which is set for a first-in-human trial in 2025. Meanwhile, Stifel adjusted its price target for the company to $1.25, maintaining a Hold rating due to competitive pressures and the need for strategic partnerships for further development. Bolt Biotherapeutics is actively seeking a development partner for BDC-3042, highlighting its commercial potential. The company’s pipeline also includes plans to start clinical trials for BDC-4182 soon. These recent developments reflect Bolt Biotherapeutics’ ongoing efforts in advancing its cancer treatment portfolio and corporate governance practices.
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