Silo Pharma shareholders approve equity plan amendment and reverse stock split proposal

Silo Pharma, Inc. (NASDAQ:SILO) held its annual meeting of shareholders on Friday. According to a press release statement based on a recent SEC filing, shareholders approved several proposals, including an amendment to the company’s Amended and Restated 2020 Omnibus Equity Incentive Plan. The amendment increases the number of shares of common stock reserved for issuance under the plan to 1,400,000 shares from 470,000 shares.

At the meeting, shareholders re-elected Eric Weisblum, Wayne Linsley, Kevin Muñoz, and Jeff Pavell to the board of directors. Each director will serve until the next annual meeting or until a successor is duly elected and qualified.

Shareholders also ratified the appointment of Salberg & Company, P.A. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The ratification received 4,985,330 votes in favor, 90,406 against, and 76,679 abstentions.

In addition, shareholders approved granting discretionary authority to the board of directors to implement a reverse stock split at a ratio between 1-for-2 and 1-for-20. The board may determine the exact timing and ratio at its discretion at any time before October 24, 2026, without further shareholder approval. This decision comes as the stock has declined over 50% in the past six months, currently trading at $0.59. The reverse stock split proposal received 3,896,499 votes in favor, 1,253,332 against, and 2,584 abstentions.

The amendment to the equity incentive plan was approved with 1,343,678 votes in favor, 514,675 against, 13,646 abstentions, and 3,280,416 broker non-votes.

Shareholders also authorized the adjournment of the annual meeting if necessary to solicit additional proxies, with 4,016,834 votes in favor, 1,043,776 against, and 91,805 abstentions.

These results are based on information provided in the company’s Form 8-K filed with the Securities and Exchange Commission. Silo Pharma’s common stock trades on the Nasdaq Stock Market under the symbol SILO.

In other recent news, Silo Pharma, Inc. has announced the closing of a registered direct offering, raising approximately $2.5 million in gross proceeds. The company sold 2,857,143 shares of common stock at $0.875 per share, alongside issuing unregistered warrants to purchase up to the same number of shares at an exercise price of $0.75 per share. This move is part of Silo Pharma’s broader strategic initiatives. Additionally, Silo Pharma is advancing its lead candidate, SPC-15, an intranasal treatment for post-traumatic stress disorder, with plans to prepare for an FDA investigational new drug application by year-end. The company reported positive results from a safety study requested by the FDA, with further data expected in early 2026. In another strategic development, Silo Pharma has expanded its cryptocurrency holdings by acquiring bitcoin, adding to its existing portfolio of digital assets, including ethereum and solana tokens. The company also invested in ResearchCoin, the native token of the decentralized science platform ResearchHub, as part of its digital assets strategy.

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