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Sionna Therapeutics , Inc. (NASDAQ:SION), a pharmaceutical company currently trading at $22.24, has officially amended its corporate bylaws and articles of incorporation following its recent initial public offering (IPO), according to a filing with the Securities and Exchange Commission today. The stock has seen an 11% decline since its debut, according to InvestingPro data.
The Waltham, Massachusetts-based firm, which specializes in pharmaceutical preparations, filed its fifth amended and restated certificate of incorporation with the Delaware Secretary of State on January 31, 2025. This move was pre-approved by the company’s board of directors and stockholders in anticipation of the IPO.
The updated certificate authorizes the issuance of 500 million shares of common stock and 10 million shares of undesignated preferred stock. The preferred stock can be issued in series as determined by the board. With average daily trading volume of 1.02 million shares and a trading range of $21.10 to $25.19 over the past year, the stock has shown moderate liquidity since its listing. Additionally, the new bylaws have removed all references to the previously existing series of preferred stock and have revoked the stockholders’ ability to act by written consent instead of a meeting or to call special meetings.
Moreover, the amended and restated bylaws, which became effective with the IPO, set forth procedures for stockholder actions during meetings and establish an advance notice protocol for stockholder proposals and nominations for the board of directors. These bylaws are designed to align with the provisions of the amended certificate.
The amendments to the corporate governance documents are part of Sionna Therapeutics’ transition to a publicly traded entity and reflect the customary practices and regulatory requirements for companies listed on major stock exchanges.
The details of the changes are available in the exhibits attached to the SEC filing. This update is based on the information provided in the company’s SEC filing and serves as a summary of the key corporate governance changes at Sionna Therapeutics following its IPO. For deeper insights into SION’s financial health and detailed analysis, including exclusive ProTips and comprehensive valuation metrics, visit InvestingPro.
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