Satellos Bioscience Elects Directors, Approves Reverse Stock Split at Annual Meeting

Satellos Bioscience, a biotechnology company, held its Annual and Special Meeting of Shareholders in Toronto, Ontario, where all nominated directors were elected and a reverse stock split was approved, shaping the company's strategy and direction in developing treatments for degenerative muscle diseases. The meeting marks a key milestone for the company as it advances its mission to bring new treatment options to patients with Duchenne muscular dystrophy and other muscle disorders. This description focuses on the primary topic (Satellos Bioscience's Annual and Special Meeting of Shareholders), the main entities (Satellos Bioscience, its directors, and shareholders), the context (Toronto, Ontario), and the significant actions and implications (election of directors, approval of reverse stock split, and advancement of the company's mission). The description also provides objective and relevant details that will help an AI generate an accurate visual representation of the article's content, such as a meeting scene with directors and shareholders, or a visual representation of the company's mission to develop treatments for degenerative muscle diseases.

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Satellos Bioscience Elects Directors, Approves Reverse Stock Split at Annual Meeting

Satellos Bioscience Elects Directors, Approves Reverse Stock Split at Annual Meeting

Satellos Bioscience Inc. (TSX: MSCL, OTCQB: MSCLF), a publicly traded biotechnology company dedicated to developing treatments for degenerative muscle diseases, held its Annual and Special Meeting of Shareholders on May 14, 2024, in Toronto, Ontario. The meeting resulted in the election of all nominated directors and the approval of a reverse stock split.

Why this matters: The outcome of this meeting has significant implications for the development of treatments for degenerative muscle diseases, which affect millions of people worldwide. The approval of the reverse stock split and the election of the Board of Directors will shape the company's strategy and direction in the pursuit of life-improving medicines.

All director nominees listed in the management information circular dated April 10, 2024, were elected with greater than 99% of the votes cast by shareholders present at the meeting or represented by proxy. The elected directors are Frank Gleeson, Rima Al-awar, Franklin M. Berger, Brian Bloom, William (Bill) Jarosz, Geoff Mackay, William (Bill) McVicar, and Adam Mostafa. Each director received over 56 million votes in favor, with less than 60,000 votes against.

Shareholders also approved the adoption of an amendment to Satellos' articles to effect a reverse stock split of the company's outstanding common shares at a ratio in the range of 1 for 5 to 1 for 20. The implementation of the reverse stock split is subject to the determination by the Board of Directors.

In addition to electing directors and approving the reverse stock split, shareholders voted in favor of other matters, including the re-appointment of MNP LLP as auditors, the approval of a new Equity Incentive Plan, an advanced notice bylaw, and amendments to Satellos' existing bylaws. Final voting results on all matters voted on at the meeting will be filed on Sedar.

Satellos Bioscience is focused on developing life-improving medicines to treat degenerative muscle diseases. The company's lead program is an oral small molecule drug candidate in development as a potential disease-modifying treatment for Duchenne muscular dystrophy, a severe and progressive muscle wasting disorder that primarily affects boys.

The Annual and Special Meeting of Shareholders marks a key milestone for Satellos Bioscience as it advances its mission to bring new treatment options to patients with Duchenne and other muscle disorders. With the election of its Board of Directors and the approval of the reverse stock split, the company is well-positioned to continue its progress in developing transformative therapies for degenerative muscle diseases.

Key Takeaways

  • Satellos Bioscience held its Annual and Special Meeting of Shareholders on May 14, 2024.
  • All nominated directors were elected with >99% of votes cast.
  • Shareholders approved a reverse stock split of 1 for 5 to 1 for 20.
  • Other matters approved include new Equity Incentive Plan and amendments to bylaws.
  • The meeting outcome will shape the company's strategy for developing muscle disease treatments.