Bernstein sees TI’s likely price hike benefiting Infineon, Renesas stock
On Monday, Traws Pharma, Inc., a Delaware-based pharmaceutical company with a market capitalization of $18.28 million, received approval from its stockholders for the issuance of a significant number of shares upon the exercise of warrants issued in a private placement on December 31, 2024. The company’s stock, currently trading at $5.06, has experienced significant volatility, declining nearly 9% in the past week. According to InvestingPro analysis, the company currently trades below its Fair Value. This approval, compliant with Nasdaq Listing Rule 5635(d), allows for the issuance of more than 19.99% of Traws Pharma’s outstanding common stock.
During the Special Meeting held virtually, approximately 65.6% of the outstanding shares were represented, confirming a quorum. The stockholders also sanctioned, under Nasdaq Listing Rule 5635(c), the issuance of common stock upon exercise of warrants to certain insiders as part of the same private placement. InvestingPro data shows the company maintains a healthy balance sheet with more cash than debt, though it’s currently not profitable over the last twelve months.
The voting results for the proposals were as follows:
- Proposal 1, regarding the issuance of shares upon exercise of the Pre-Funded Warrants and Series A Warrants, passed with 2,369,987 votes for, 24,205 against, and 1,996 abstentions.
- Proposal 2, covering the issuance of common stock upon exercise of warrants to insiders, was approved with 2,370,124 votes for, 24,039 against, and 2,025 abstentions.
A third proposal to adjourn the Special Meeting to a later date to solicit additional proxies if necessary received approval as well. However, the Board of Directors did not adjourn the meeting since the first two proposals were already approved.
This information is based on a press release statement from Traws Pharma, Inc., as per their recent SEC filing. The company, formerly known as Onconova Therapeutics (NASDAQ:TRAW), Inc., is listed on the Nasdaq Stock Market under the ticker symbol TRAW. The approval of these proposals is a key step in the company’s financing strategy, enabling the potential increase in common stock through the exercise of previously issued warrants. InvestingPro subscribers have access to 12 additional investment tips for TRAW, including detailed analysis of the company’s financial health, valuation metrics, and growth prospects.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.