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Citius Pharmaceuticals, Inc. (NASDAQ:CTXR), a pharmaceutical company based in Nevada with a market capitalization of $14.5 million, has announced significant changes to its corporate structure and shareholder rights as of Monday. The stock has shown remarkable recent momentum, surging nearly 78% in the past week, though InvestingPro analysis indicates the company currently trades above its Fair Value. The company has redeemed its one share of Series A Preferred Stock issued on April 17, 2025, for $100, the original purchase price.
In a move to increase its share capital, Citius Pharmaceuticals filed a Certificate of Amendment to its Articles of Incorporation with the Nevada Secretary of State, raising the authorized shares from 26 million to 260 million. This includes an increase in authorized common shares from 16 million to 250 million. This amendment was approved by the company’s stockholders at a special meeting held on Monday and took effect immediately upon filing.
The stockholder vote on the amendment resulted in 547,138,179 shares in favor and 457,549,494 against, with 520,782 abstentions and no broker non-votes. Notably, the holder of the one outstanding share of Series A Preferred Stock was entitled to 1 billion votes but was restricted to voting only on the amendment, with votes cast proportionally to those cast by common stockholders.
The special meeting also included a proposal to adjourn the meeting to solicit additional proxies if there were insufficient votes in favor of the amendment. However, as the amendment passed, the adjournment proposal became moot.
This announcement is based on a press release statement and aims to provide shareholders and the public with essential information regarding the company’s latest corporate actions. While the company faces current challenges, InvestingPro analysis suggests potential improvement ahead, with analysts forecasting profitability this year. InvestingPro subscribers have access to 10+ additional exclusive insights about CTXR’s financial health and future prospects.
In other recent news, Citius Pharmaceuticals reported its fiscal first-quarter results for the period ending December 31, 2024. The company has been granted a unique Healthcare Common Procedure Coding System (HCPCS) J-code for its product Lymphir by the Centers for Medicare and Medicaid Services, which is a significant step towards its anticipated commercialization in the first half of 2025. Additionally, Citius announced positive top-line results from a pivotal Phase 3 clinical trial for Mino-Lok, an antibiotic lock solution, indicating progress toward potential commercialization by the first half of 2026. Analysts at H.C. Wainwright have revised their price target for Citius Pharmaceuticals, lowering it from $100 to $4, while maintaining a Buy rating. This adjustment follows a series of financial changes and a reverse stock split by the company. Despite the lowered price target, the analysts remain confident in Citius’s potential, suggesting that the market might be undervaluing the company’s prospects. These recent developments highlight Citius’s ongoing efforts in advancing its product pipeline.
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