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TFF Pharmaceuticals, Inc., currently trading at $43.30 per share and maintaining a solid financial health score of 2.73 on InvestingPro, has issued a new class of shares to ensure a quorum for an upcoming special meeting, as detailed in a recent 8-K filing with the Securities and Exchange Commission. On January 28, 2025, the company’s Board of Directors granted 4,443,926 special shares to CEO Craig R. Jalbert, with the stipulation that these shares be voted in favor of a proposal for the company’s dissolution, contingent on the majority of other shares being similarly voted. The decision comes as the company reports $503.04 million in revenue for the last twelve months, with an EBITDA of $104.41 million.
These special shares, which will be surrendered for cancellation post-meeting, carry no economic benefit for Jalbert, who is also the sole director of the company. This issuance is exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as it does not constitute a public offering. For deeper insights into TFF’s financial position and exclusive analysis, investors can access detailed metrics and expert recommendations through InvestingPro.
The original special meeting, intended to discuss the liquidation and dissolution of the company, lacked the necessary quorum as outlined in the company’s bylaws, with only 310,259 shares represented. Consequently, the meeting has been adjourned to March 3, 2025, to allow for additional voting time on the dissolution proposal.
This strategic move by TFF Pharmaceuticals, a Delaware-incorporated company specializing in pharmaceutical preparations, is indicative of its efforts to move forward with the dissolution process in compliance with the Delaware General Corporation Law. The information is based on a press release statement.
In other recent news, TFF Pharmaceuticals is set to be delisted from the Nasdaq Stock Market, as per an 8-K filing with the U.S. Securities and Exchange Commission. The company’s financial health score, according to InvestingPro analysis, is a concerning 1.57, with a rapid cash burn rate. Notably, trading of TFF Pharmaceuticals’ common stock is expected to be suspended soon.
Despite these developments, TFF Pharmaceuticals has made significant strides in its drug delivery methods and clinical trials. Roth/MKM has maintained a Buy rating on the company, highlighting the potential of its Thin Film Freezing technology in formulating dry powders for inhalation drug delivery.
In partnership with Emory University and the Biomedical Advanced Research and Development Authority, TFF Pharmaceuticals is advancing its technology for antiviral drug delivery. The company has also reported positive preclinical results for its universal influenza vaccine candidates, developed in collaboration with the Cleveland Clinic. Finally, TFF Pharmaceuticals’ ongoing Phase 2 clinical trial of Tacrolimus Inhalation Powder for lung transplant rejection prevention has shown promising preliminary results.
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