TNF Pharmaceuticals, Inc. (NASDAQ:TNF) has announced amendments to its bylaws that affect shareholder voting requirements. The changes were approved by the company’s board of directors on Friday and are effective immediately.
The main alteration comes in the form of a reduction in the required stockholder vote for all matters other than the election of directors. Previously, a majority of the voting power of shares present or represented by proxy at the meeting was needed. Now, a majority of the votes cast by stockholders present in person or represented by proxy at the meeting and entitled to vote on the subject matter will suffice, excluding abstentions and broker non-votes.
Additionally, the amendment modifies the vote required for class votes to correspond with the new general voting requirements. These changes aim to streamline the decision-making process during shareholder meetings.
The amended Section 2.09 of the Bylaws now also specifies that directors shall be elected by a plurality of the voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.
This move by TNF Pharmaceuticals is detailed in an 8-K filing with the Securities and Exchange Commission (SEC). The filing includes the full text of the First Amendment to the Bylaws, which is also attached as Exhibit 3.1 to the filing for reference.
The information in this article is based on a press release statement.
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