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Forte Biosciences, Inc. (NASDAQ:FBRX), a pharmaceutical company currently trading below its InvestingPro Fair Value, announced the results of its annual stockholders’ meeting held on Thursday. The company maintains strong liquidity with a current ratio of 5.22, though InvestingPro analysis indicates rapid cash burn. The meeting saw the election of Class II directors and the ratification of the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This comes as the company’s stock has experienced significant volatility, with a 61.4% decline over the past six months.
During the meeting, a majority of the 5,288,388 shares represented voted in favor of the following nominees for Class II directors: Richard Vincent, Shiv Kapoor, and David Gryska. Vincent received 4,083,905 votes for and 15,746 withheld, Kapoor had 4,083,436 votes for and 16,215 withheld, and Gryska garnered 2,786,414 votes for with 1,313,237 withheld. All nominees will serve until the 2028 annual meeting of stockholders or until their successors are duly elected and qualified. Broker non-votes for each nominee totaled 1,188,737.
Additionally, the appointment of KPMG LLP as Forte Biosciences’ independent registered public accounting firm was ratified with an overwhelming number of votes in favor. The firm received 5,285,363 votes for, 2,987 against, and 38 abstentions.
The company, headquartered in Dallas, Texas, and incorporated in Delaware, is known for its work in pharmaceutical preparations. The information provided is based on a recent SEC filing by the company. The detailed results of the voting underscore the stockholders’ support for the company’s current direction and governance. With a market capitalization of $55.15 million and analysts anticipating continued challenges, investors can access comprehensive analysis and additional insights through InvestingPro, which offers 8 more exclusive tips about FBRX’s outlook.
In other recent news, Forte Biosciences, Inc. has announced the scheduling of its annual meeting of stockholders for May 29, 2025. The company will provide details about the meeting’s time and location in upcoming proxy materials to be filed with the Securities and Exchange Commission. Forte Biosciences has set April 28, 2025, as the deadline for stockholders to submit proposals for inclusion in the proxy statement, in accordance with Rule 14a-8. This deadline also applies to stockholders wishing to present director nominations or other proposals at the meeting without including them in the proxy materials. Additionally, stockholders planning to solicit proxies for director nominees other than those nominated by the company’s board must notify Forte Biosciences with the necessary information by the same deadline, following Rule 14a-19. These recent developments highlight the company’s compliance with universal proxy rules and its continued engagement in pharmaceutical development. The company’s announcement was made through a press release filed with the SEC.
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