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Vor Biopharma Inc. (NASDAQ:VOR), a biotechnology company currently valued at $263 million, announced Wednesday that its shareholders approved several proposals at a special meeting held Monday, according to a statement based on a recent SEC filing. According to InvestingPro analysis, the company’s stock has shown remarkable momentum with an 87% gain over the past six months, though it currently trades below its Fair Value.
Shareholders approved an amendment and restatement of the company’s 2021 Equity Incentive Plan, which increases the number of shares of common stock reserved for issuance by 25,000,000. The amendment also reduces the annual automatic increase in the share reserve from 5% to 4% of outstanding shares each year through 2035.
The meeting saw participation from holders of 83,943,397 shares, representing approximately 66.28% of shares entitled to vote.
The company’s shareholders also authorized, for purposes of Nasdaq Listing Rule 5635(d), the full issuance of shares of common stock underlying outstanding warrants. The vote count for this proposal was 83,538,782 in favor, 374,905 against, and 29,710 abstentions.
Additionally, shareholders approved a series of alternate amendments to Vor Biopharma’s certificate of incorporation to allow a reverse stock split of its common stock. The split may be implemented at a ratio ranging from 1-for-5 to 1-for-30, at the board’s discretion. The reverse stock split has not yet been effected. The proposal received 83,464,541 votes in favor, 442,765 against, and 36,091 abstentions.
The amendment and restatement of the 2021 Equity Incentive Plan was approved with 81,284,977 votes in favor, 2,274,708 against, and 383,712 abstentions.
Also on Wednesday, Vor Biopharma filed a prospectus supplement related to its at-the-market sales program, registering the potential offer and sale of up to $119,699,305 in common stock through Stifel, Nicolaus & Company, Incorporated as agent. The company’s new shelf registration statement on Form S-3 replaces a prior statement that expired in March 2025.
This article is based on a statement from Vor Biopharma’s recent SEC filing.
In other recent news, Vor Bio announced that its partner, RemeGen Co., Ltd, achieved the primary endpoint in a Phase 3 clinical trial for telitacicept in adults with IgA nephropathy in China. The trial results indicated a significant 55% reduction in the 24-hour urine protein-to-creatinine ratio, a key marker of disease activity. Additionally, Vor Bio’s stock rating was upgraded to Buy by H.C. Wainwright, attributed to an exclusive licensing agreement with RemeGen for telitacicept development outside Greater China. This agreement includes an upfront payment of $125 million, comprised of $45 million in cash and $80 million in warrants. Vor Bio has also made several leadership appointments, including Qing Zuraw as Chief Development Officer and Sandy Mahatme as Chief Financial Officer and Chief Business Officer. Furthermore, the company appointed Alexander Cumbo and Michel Detheux to its Board of Directors. These developments reflect Vor Bio’s strategic moves in enhancing its leadership team and expanding its therapeutic reach.
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