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Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC), a micro-cap biotech company with a market capitalization of $15.41 million, announced Friday that its shareholders approved all proposals presented at a special meeting held Thursday via live audio webcast. According to InvestingPro analysis, the company is currently overvalued, with shares down nearly 92% year-to-date. The information is based on a statement provided in a recent SEC filing.
Shareholders voted in favor of authorizing the issuance of Cyclacel common stock to Fitters Parent, as outlined in the Exchange Agreement. The proposal received 1,095,988 votes in favor, representing 58.8% of shares voted, with 6,691 votes against and 131 abstentions. InvestingPro data reveals the company maintains a healthy current ratio of 5.77, though its overall financial health score indicates weakness. Subscribers can access over 30 additional financial metrics and exclusive insights.
A second proposal, authorizing the potential issuance of more than 20% of the company’s outstanding common stock in connection with the transaction to comply with Nasdaq Listing Rule 5635(a), was also approved. This proposal received 1,095,986 votes in favor (58.8%), 6,664 against, and 160 abstentions.
The third proposal, approving an amendment to Cyclacel’s certificate of incorporation to change the corporate name to Bio Green Med Solution, Inc., also passed. This measure received 1,097,489 votes for (58.9%), 5,151 against, and 170 abstentions.
No broker non-votes were reported for any of the proposals.
The special meeting was conducted virtually, and the results were disclosed in a press release statement filed with the Securities and Exchange Commission. Cyclacel Pharmaceuticals is listed on the Nasdaq Capital Market under the ticker CYCC.
In other recent news, Cyclacel Pharmaceuticals has made several significant announcements. The company filed an 8-K report with the Securities and Exchange Commission, submitting audited consolidated financial statements for the quarter ending March 31, 2025. This filing is part of Cyclacel’s efforts to meet eligibility requirements for the registration statement on Form S-3. Additionally, Cyclacel Pharmaceuticals has appointed SFAI Malaysia PLT as its new auditor following the dismissal of Bush & Associates CPA LLP. The change in auditors was approved by the Audit Committee of Cyclacel’s Board of Directors. In another development, Cyclacel held its 2025 annual meeting of shareholders, where five directors were re-elected to serve three-year terms. The directors received overwhelming support, with each securing at least 99.97% of the votes cast. Shareholders also approved changes to the company’s equity plan during this meeting.
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