Bullish indicating open at $55-$60, IPO prices at $37
MaxCyte, Inc. (NASDAQ:MXCT), a biotechnology company with a market capitalization of $224 million, announced Wednesday that shareholders approved all five proposals presented at the company’s annual meeting held on June 18, 2025. The company’s stock has declined nearly 49% over the past six months and currently trades near its 52-week low of $2.10.
Stockholders approved an amendment to the company’s 2022 Equity Incentive Plan that increases the maximum number of common stock shares authorized for issuance by 2,950,000. The proposal received approximately 74.1 million votes in favor, with 6.5 million against.
Shareholders also approved the cancellation of the company’s admission to trading on the AIM market of the London Stock Exchange (LON:LSEG), with 82.9 million votes supporting the delisting and 4.3 million opposing.
Three Class I directors were elected to the board: Maher Masoud (69.8 million votes in favor), Yasir Al-Wakeel (58.9 million votes), and Rekha Hemrajani (59.1 million votes).
Additionally, stockholders ratified the Audit Committee’s selection of CohnReznick LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, with 87 million votes in support.
The fifth proposal, regarding potential adjournment of the annual meeting to solicit additional proxies if necessary, was deemed moot as all other proposals passed. The proposal had received 85 million votes in favor.
The information was disclosed in an 8-K filing with the Securities and Exchange Commission.
In other recent news, MaxCyte Inc. reported its first-quarter 2025 earnings, revealing a revenue of $10.4 million, which exceeded the forecasted $9.05 million. The earnings per share (EPS) were -$0.10, slightly better than the expected -$0.11. Despite the earnings beat, BTIG analyst Mark Massaro adjusted MaxCyte’s stock price target from $6.00 to $5.00, while maintaining a Buy rating, reflecting broader macroeconomic challenges. The company noted a modest 1% growth in core revenue, but total revenue saw an 8% year-over-year decline. MaxCyte continues to focus on expanding its cell and gene therapy market, with strategic initiatives such as the acquisition of SecureDx. The company reaffirmed its revenue guidance for 2025, projecting core revenue growth of 8-15%. MaxCyte’s management remains confident in their operational focus and has highlighted improved cost management, as operating expenses decreased from the previous year. These developments underscore MaxCyte’s strategic focus and resilience in navigating a dynamic market environment.
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