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Palatin Technologies, Inc. (OTCQB:OTC:PTNT) reported Tuesday that shareholders approved several key proposals at its annual meeting held Friday, according to a statement based on an SEC filing.
At the meeting, shareholders elected four directors—Carl Spana, Ph.D., John K. A. Prendergast, Ph.D., Alan W. Dunton, M.D., and Arlene M. Morris—to serve until the next annual meeting or until successors are elected. Votes in favor for each director ranged from about 6.95 million to 7 million, with between 1.36 million and 1.42 million votes withheld.
Shareholders also approved an amendment to the company’s Restated Certificate of Incorporation authorizing a reverse stock split of common stock at a ratio to be determined by the board, between 1-for-50 and 1-for-100. The measure passed with 12,442,489 votes for, 8,230,553 against, and 109,814 abstentions.
The appointment of KPMG LLP as independent registered public accounting firm for the fiscal year ending June 30, 2025, was ratified by 19,422,097 votes in favor, 1,198,220 against, and 142,538 abstentions.
Shareholders further approved the issuance of common shares upon the exercise of Series B, Series D, and Series I common stock purchase warrants. Votes in favor for these proposals were 5,213,886, 5,238,998, and 5,240,380, respectively, with approximately 3 million votes against each.
An amendment to the company’s 2011 Stock Incentive Plan to increase the number of shares available for equity awards by 3,000,000 was also approved, with 4,910,514 votes for and 3,188,039 against.
On an advisory basis, shareholders voted to hold future advisory votes on executive compensation annually, with 7,306,473 votes for a one-year frequency. Shareholders also approved, on an advisory basis, the compensation of named executive officers for the fiscal year ended June 30, 2024, with 6,236,240 votes in favor and 1,819,231 against.
The company reported that 20,762,856 votes were present in person or by proxy, representing 41.87% of eligible votes as of the June 20, 2025, record date.
This information is based on a statement provided in a recent SEC filing.
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