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Holders of GT Biopharma, Inc.’s (NASDAQ:GTBP) Series L 10% Convertible Preferred Stock have agreed to waive their rights to redemption, according to a statement in a press release and a filing with the Securities and Exchange Commission.
The company reported that on September 17, September 18, and Tuesday, certain Series L Preferred Stockholders granted a waiver to the Certificate of Designation of Preferences, Rights and Limitations for the Series L stock. Under the waiver, these holders agreed to forgo the redemption rights outlined in Section 10 of the certificate. InvestingPro data shows the company maintains strong liquidity with a current ratio of 3.09, indicating sufficient assets to cover short-term obligations. Discover 10+ additional exclusive insights with an InvestingPro subscription.
The filing notes that the waiver is documented in Exhibit 10.1 attached to the report. The company’s common stock continues to trade on The Nasdaq Stock Market LLC under the symbol GTBP.
GT Biopharma, based in Delaware and operating remotely since July 1, 2024, disclosed the change as a material modification to the rights of security holders. The information is based on a press release statement and the company’s SEC filing.
In other recent news, GT Biopharma has commenced dosing in the third cohort of its Phase 1 trial for GTB-3650, targeting relapsed or refractory CD33 expressing hematologic malignancies. The first patient in this cohort has successfully completed the first week of cycle 1. This development follows a safety review of the second cohort, which reported no safety or tolerability issues. These advancements mark important steps in the ongoing evaluation of GTB-3650. The trial’s progress is closely monitored, as it could have significant implications for the treatment of certain blood cancers. Investors and analysts are keeping a watchful eye on these developments, given their potential impact on GT Biopharma’s future prospects.
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