In a recent shareholder meeting, LadRx Corporation, a Delaware-based biotech firm, confirmed the election of a new board member and the appointment of its independent auditor. The meeting, which took place last Thursday, reached a quorum with over half of the outstanding shares represented.
Jennifer Simpson, Ph.D., was elected to LadRx's board, receiving 81,966 votes in favor, with 16,130 abstentions and no votes against. Additionally, shareholders ratified Weinberg & Company as the company's independent registered public accounting firm for the fiscal year ending December 31, 2024, with 226,191 votes for, 36,616 against, and 2,297 abstaining.
The compensation of the company's named executive officers was also approved on an advisory basis, with 79,074 votes in favor, 18,572 against, and 450 abstentions. These decisions reflect the shareholders' support for the company's governance and financial oversight practices.
LadRx Corp, formerly known as CytRx Corp, operates under the SIC code 2836, which relates to biological products, excluding diagnostic substances. The company's common stock is traded on the OTC Markets under the ticker symbol LADX.
The results of the Annual Meeting are based on the definitive proxy statement filed with the SEC on August 20, 2024. No other matters were voted upon at the meeting.
This report is based on a press release statement from LadRx Corporation.
InvestingPro Insights
Following the recent shareholder meeting and board changes at LadRx Corporation, it's worth examining some key financial metrics and insights provided by InvestingPro.
According to InvestingPro data, LadRx's market capitalization stands at a modest $0.99 million, reflecting its status as a small-cap biotech company. Despite the company's recent governance decisions, InvestingPro Tips highlight that LadRx is not profitable over the last twelve months, with a negative P/E ratio of -0.36. This aligns with the company's operating income of -$3.85 million for the same period.
Interestingly, LadRx has seen a significant return over the last week, with a 1-week price total return of 11.11%. However, the stock's price movements are quite volatile, as indicated by another InvestingPro Tip. This volatility is further evidenced by the contrasting returns over different periods: while the YTD price total return is an impressive 53.85%, the 6-month return shows a decline of -23.08%.
For investors seeking a more comprehensive analysis, InvestingPro offers 6 additional tips for LadRx, providing a deeper understanding of the company's financial health and market position.
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