BioXcel Therapeutics Holds Special Meeting, Approves Reverse Stock Split Plan

On January 28, 2025, BioXcel Therapeutics, Inc. conducted a special meeting of stockholders to decide on crucial matters. The meeting saw the participation of 30,360,492 shares of common stock, either in person or represented by proxy, amounting to approximately 61.17% of the company’s outstanding common stock as of the December 17, 2024 record date.

The primary agenda at the Special Meeting was the approval of an amendment to BioXcel Therapeutics’ Certificate of Incorporation to implement a reverse stock split of the company’s common stock. The reverse split would range from 1-for-5 to 1-for-30, with the final ratio to be determined at the discretion of the company’s Board of Directors.

The voting outcomes for the proposals discussed during the Special Meeting are as follows:

– Proposal 1, which sought approval for the reverse stock split, garnered 27,561,658 votes FOR, 2,516,377 votes AGAINST, and 282,457 ABSTAINED, with no Broker Non-Votes recorded.
– Proposal 2 involved the approval of an adjournment of the Special Meeting to collect extra proxies if required. The results showed 27,740,608 votes FOR, 2,466,032 votes AGAINST, and 153,852 votes ABSTAINED, with no Broker Non-Votes reported.

Following the voting results, Proposal 1 was successfully approved. Consequently, the need for an adjournment of the Special Meeting was deemed unnecessary since there were ample votes in favor of Proposal 1.

In the aftermath of the Special Meeting, BioXcel Therapeutics secured the approval it needed for the proposed reverse stock split plan and will progress accordingly. The company’s Chief Financial Officer, Richard Steinhart, signed off on the report submitted to the Securities and Exchange Commission on January 29, 2025.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BioXcel Therapeutics’s 8K filing here.

BioXcel Therapeutics Company Profile

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.