Zosano Pharma Corp (NASDAQ:ZSAN) has announced the results from the special meeting of stockholders held on January 23. The company also reported that it will effect a reverse stock split of its common stock of both the outstanding and issued. During the meeting, the shareholders approved the two key proposals, which include approvals to:
- Expand the shares from current 100 to 250 million
- Authorize the Board of Directors to reverse stock split of the firm’s outstanding shares of common stock
Recently, Zosano Pharma announced the issuance of the new US patent that covers M207 as an acute treatment for a migraine. The latest patent comprises of claims that were generated from the formulation, preclinical and clinical studies and underlines the special aspects of Zosano technologies and their applicability to treat a migraine.
According to John Walker, Chairman and CEO at Zosano, the issuance of the patents would greatly support the firm’s intellectual property strategy for its ADAM technology especially for the development of M207. The company also intends to undertake similar patent coverage for future products that Zosano has been developing internally and its future partnerships.
Furthermore, the patent includes other granted US and foreign patents and other pending applications that include the micro-needle technology, drug formulations, methodology, and applications.
After the Board of Directors approved the implementation of the reverse stock split, the firm’s common stock started trading immediately under the new CUSIP number and listed on the NASDAQ Capital Market. Proportional adjustments were also made to the shares issuable in relations to the company’s outstanding common stock options and warrants, thus creating about 2 million shares of common stock outstanding.
The reverse stock split automatically affected all the company’s stockholders uniformly and no stockholder’s share percentage was altered in the process. The Computershare Trust Company, N.A., acted as the exchange agent for the reverse stock split and was responsible for informing the stockholders on the progress and issuance of certificates for common stock.