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enVVeno Medical Corp (NASDAQ:NVNO) announced that its Board of Directors approved an amendment to the company’s Amended and Restated Bylaws on Monday. The revision alters Section 1.5, changing the quorum requirement for meetings of stockholders.
Under the updated bylaws, a quorum will now be reached when holders of thirty-three and one-third percent in voting power of the outstanding shares entitled to vote are present, either in person or by proxy, at a stockholder meeting. This replaces the previous quorum threshold, which was not specified in the current filing. The amendment became effective immediately upon board approval.
enVVeno Medical, based in Irvine, California, is incorporated in Delaware and trades its common stock on The NASDAQ Stock Market LLC under the symbol NVNO.
The company also included its amended and restated bylaws as an exhibit to the filing. The information in this article is based on a press release statement and the company’s Form 8-K submitted to the Securities and Exchange Commission.
In other recent news, enVVeno Medical Corporation faced significant setbacks regarding its VenoValve device. The U.S. Food and Drug Administration (FDA) upheld its decision to reject the company’s Premarket Approval application for VenoValve, citing a lack of reasonable assurance of safety and effectiveness. This decision followed enVVeno’s supervisory appeal against the FDA’s initial rejection. Additionally, enVVeno Medical received a notice from The Nasdaq Stock Market LLC for non-compliance with the minimum bid price requirement, as its stock price fell below $1.00 per share for 30 consecutive business days. The company disclosed this non-compliance notice in a recent SEC filing. These developments come as enVVeno Medical continues to face challenges in gaining approval for its VenoValve, which aims to treat severe deep chronic venous insufficiency.
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