Bullish indicating open at $55-$60, IPO prices at $37
In a recent 8-K filing with the Securities and Exchange Commission, Eterna Therapeutics Inc. announced that its board of directors has scheduled the company's 2025 annual meeting of stockholders for May 1, 2025. This date is significantly ahead of the previous year's meeting, necessitating early notification for shareholder proposals and director nominations. The announcement comes as the company faces significant financial challenges, with InvestingPro data showing a concerning cash burn rate and an EBITDA of -$20.18 million in the last twelve months.
The company, which operates under the pharmaceutical preparations industry and is listed on The Nasdaq Stock Market LLC under the ticker (NASDAQ:ERNA), has stated that stockholders intending to present proposals or nominate directors for the upcoming annual meeting must submit their notices by February 23, 2025. These submissions must be sent to the company's principal executive offices in Cambridge, MA, and must comply with the requirements set out in Eterna Therapeutics' bylaws and relevant federal regulations. According to InvestingPro analysis, the company's financial health score stands at a weak 1.47, with current ratio at 0.48 indicating short-term obligations exceed liquid assets. Unlock 16 additional valuable ProTips and comprehensive financial metrics with an InvestingPro subscription.
Submissions that meet the February 23 deadline will be considered for inclusion in Eterna Therapeutics' proxy statement for the 2025 annual meeting. This cut-off date allows the company adequate time to prepare and distribute proxy materials to stockholders ahead of the meeting.
The announcement follows the company's adherence to Exchange Act Rule 14a-11, which governs shareholder nominations and the solicitation of proxies. Eterna Therapeutics, formerly known as Brooklyn ImmunoTherapeutics, and before that NTN Buzztime Inc., has undergone several name changes, with the most recent change occurring on March 25, 2021. The company's stock has faced significant challenges, with a 52-week trading range of $0.22 to $2.62, and a substantial decline of 85.44% over the past six months.
The company's filing did not include additional details regarding the agenda for the annual meeting or specific matters to be voted upon. The information provided in this article is based on the press release statement filed with the SEC and enhanced with financial metrics from InvestingPro.
In other recent news, Eterna Therapeutics has reported significant advancements in the development of its lead cell therapy product, ERNA-101, for the treatment of advanced solid tumors, including ovarian cancer. The company also announced the expansion of its scientific advisory board with the addition of Jerome Zeldis, M.D., Ph.D., and Blythe Sather, Ph.D., both renowned in the field of oncology and cell therapy research. Eterna Therapeutics is also actively seeking strategic partnerships to further develop and potentially out-license its therapeutic assets.
The company has also been notified by The Nasdaq Stock Market LLC about potential delisting due to its stock not meeting the minimum bid price requirement and its Market Value of Listed Securities falling below the required minimum. Eterna Therapeutics has been given a period to regain compliance with these standards.
Furthermore, Eterna Therapeutics has announced its collaboration with The University of Texas MD Anderson Cancer Center to study the effects of its cell therapy ERNA-101 on ovarian and breast cancer models. These recent developments highlight the ongoing efforts of Eterna Therapeutics to advance its research and development initiatives in the field of cell therapy for solid tumors.
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