Nancy T. Chang, a director and ten percent owner at Galera Therapeutics, Inc. (NASDAQ:OTC:GRTX), recently acquired a significant amount of the company's common stock. According to a filing with the Securities and Exchange Commission, Chang purchased 7,644,932 shares on December 30, 2024, at a price of $0.0654 per share, totaling approximately $499,978. The purchase comes as GRTX shares have shown strong momentum, posting a 51% gain over the past week, according to InvestingPro data.
This transaction increases Chang's direct ownership in the company to 7,644,932 shares. The acquisition was part of a series of transactions related to Galera Therapeutics' merger with Nova Pharmaceuticals, Inc., detailed in the accompanying footnotes of the filing.
Additionally, Chang acquired 1,841.92 shares of Series B Preferred Stock, which can be converted into common stock following stockholder approval, as part of the merger agreement. These preferred shares were exchanged for shares of Nova's common stock held prior to the merger.
In other recent news, Galera Therapeutics has made several significant announcements. The company has established a deadline for stockholder proposals and director nominations for its 2024 Annual Meeting. The pharmaceutical firm has also experienced a significant reduction in its net loss for the second quarter of 2024, reporting a net loss of $4.1 million, compared to a $20.7 million loss in the same period last year.
In a recent development, Galera's stockholders rejected a proposed liquidation plan, necessitating the exploration of alternative options for the company's future. Additionally, the company has been notified of Nasdaq's decision to delist its common stock due to non-compliance with listing rules.
Galera Therapeutics also recently settled a lawsuit with Alira Health Clinical, LLC, and IQVIA Biotech, LLC for $975,000. These are some of the recent developments impacting Galera Therapeutics. Investors and stockholders are encouraged to take note of these updates for a better understanding of the company's current situation.
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