Galera Therapeutics holds annual stockholder meeting

MALVERN, PA - Galera Therapeutics, Inc. (OTC Pink:OTC:GRTX), a pharmaceutical company with a market capitalization of $3.1 million and significant debt challenges according to InvestingPro data, conducted its annual stockholder meeting on Monday, with the election of directors and ratification of its independent auditor as key agenda items.

During the meeting, shareholders elected two Class II directors to the company’s board. Lawrence Alleva and Kevin Lokay were both voted in to serve three-year terms until the 2027 annual meeting. The election results were 27,501,778 votes for Alleva and 3,359,405 withholdings, with 10,682,973 broker non-votes. Lokay received 27,504,038 votes for and 3,357,145 withholdings, alongside the same number of broker non-votes. The company faces significant financial challenges, with InvestingPro analysis showing rapid cash burn and a debt-to-capital ratio of 98%.

Additionally, the appointment of KPMG LLP as Galera’s independent registered public accounting firm for the fiscal year ended December 31, 2024, was ratified with 41,342,291 votes in favor, 184,580 against, and 17,285 abstentions.

The company, based in Malvern, Pennsylvania, is incorporated in Delaware and operates within the pharmaceutical preparations industry under the SIC code 2834. The announcement was made in accordance with an 8-K filing with the United States Securities and Exchange Commission.

This news is based on a press release statement and reflects the procedural outcomes of the annual meeting without endorsing any claims or future projections of the company’s performance.

In other recent news, Galera Therapeutics, Inc. has announced the date for its 2024 Annual Meeting of Stockholders, set for February 24, 2025. The company has established a deadline of December 30, 2024, for the submission of stockholder proposals and director nominations. This requirement is part of Galera’s adherence to its Amended and Restated Bylaws. Stockholders interested in nominating directors other than those proposed by the company must comply with the universal proxy rules and submit necessary information by the same deadline. This move is in line with the company’s compliance with SEC regulations and its commitment to transparent corporate governance. The announcement underscores Galera’s dedication to maintaining fair practices in its governance process. Investors and stockholders are advised to take note of these deadlines to participate in the upcoming meeting.

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