Quoin Pharmaceuticals Ltd. (NASDAQ:QNRX), a company specializing in pharmaceutical preparations, announced on Monday that its Board of Directors has set December 5, 2024, as the date for its 2024 Annual General Meeting of Shareholders (2024 AGM). This date is a significant shift from the previous year's meeting, prompting an update to the deadlines for shareholder proposals.
The announcement, made via an 8-K filing with the Securities and Exchange Commission, indicated that the 2024 AGM would occur more than 30 days after the anniversary of the 2023 Annual General Meeting. As a result, the company has revised the submission deadlines for shareholder proposals related to the upcoming meeting.
Shareholder proposals submitted under Rule 14a-8 of the Securities Exchange Act of 1934, intended for inclusion in Quoin's proxy statement, must now be received by the company by October 10, 2024. This new deadline is aimed at providing the company with sufficient time to incorporate the proposals into its proxy materials before the printing and distribution process begins.
Furthermore, in accordance with the universal proxy rules, shareholders planning to solicit proxies in support of director nominees other than the company's nominees must submit the required information by the same October 10 deadline. This information must comply with Rule 14a-19 under the Exchange Act.
The filing also served to notify shareholders of the updated deadlines and the procedures for the submission of proposals. The announcement is part of the company's compliance with SEC regulations and corporate governance practices.
Quoin Pharmaceuticals, previously known as Cellect Biotechnology Ltd. and Cellect Biomed Ltd., has undergone name changes in the past, with the most recent change recorded on July 21, 2016. The company is incorporated in the State of Israel and maintains its primary business address in Ashburn, VA.
This news is based on a press release statement and aims to provide shareholders with essential information regarding the upcoming annual meeting and associated deadlines.
In other recent news, Quoin Pharmaceuticals Ltd. executives have made substantial purchases of the company's stock, signaling a strong vote of confidence in its future prospects. CEO Michael Myers and COO Denise Carter acquired significant numbers of American Depositary Shares (ADSs) recently.
Myers bought 37,894 ADSs, with prices ranging from $0.619 to $0.7974, while Carter purchased 37,735 ADSs at prices between $0.6253 and $0.7965. These transactions underscore the leadership's belief in Quoin's strategic direction and commitment to enhancing shareholder value.
The company's pipeline includes three products targeting a variety of conditions. However, Quoin Pharmaceuticals has cautioned that its optimistic projections are forward-looking and subject to risks and uncertainties. This news sheds light on the recent developments within Quoin Pharmaceuticals Ltd.
InvestingPro Insights
As Quoin Pharmaceuticals Ltd. (NASDAQ:QNRX) prepares for its 2024 Annual General Meeting, investors may benefit from additional financial insights. According to InvestingPro data, the company's market capitalization stands at a modest $2.05 million, reflecting its current position in the pharmaceutical sector.
InvestingPro Tips highlight that QNRX holds more cash than debt on its balance sheet, which could be a positive factor for shareholders considering the company's financial stability ahead of the annual meeting. However, it's worth noting that the company is not profitable over the last twelve months, with an adjusted operating income of -$8.94 million for the same period.
The stock's performance has been challenging, with a significant price decline of 87.61% over the past year. This volatility aligns with another InvestingPro Tip indicating that QNRX's stock price movements are quite volatile, which shareholders may want to consider when evaluating their positions or potential proxy votes.
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips that could provide valuable context for the upcoming shareholder meeting and the company's overall financial health.
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