PROTEO, INC. (OTCMKTS:PTEO) Files An 8-K Submission of Matters to a Vote of Security Holders

ME Staff 8-k
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PROTEO, INC. (OTCMKTS:PTEO) Files An 8-K Submission of Matters to a Vote of Security Holders

PROTEO, INC. (OTCMKTS:PTEO) Files An 8-K Submission of Matters to a Vote of Security Holders
Item 5.07 Submission of Matters to a Vote of Security Holders.

Proteo, Inc. (the "Company") held its special meeting of stockholders on July 9, 2020 (the “Special Meeting”). The matters voted upon at the Special Meeting and the results of such voting are set forth below.

Proposal 1: To approve an amendment to the Company’s Articles of Incorporation to effect a reverse split of the common stock of the Company in a ratio of 1-for-2,000, which would result in:

a.       holdings prior to such split of fewer than 2,000 shares of Common Stock being converted into a fractional share, which will then be immediately cancelled and converted into a right to receive the cash consideration described in the proxy statement, and

b.       Company having fewer than 500 stockholders of record, allowing the Company to deregister its Common Stock under the Securities Exchange Act of 1934 and avoid the costs associated with being a public reporting company.


About PROTEO, INC. (OTCMKTS:PTEO)

Proteo, Inc. is a clinical-stage drug development company. The Company intends to develop, promote and market pharmaceuticals and other biotech products. The Company’s focus is on the development of anti-inflammatory treatments for rare diseases with unmet needs. The Company is engaged in the development of pharmaceuticals based on the body’s own tools and weapons to fight inflammatory diseases. The Company is focusing its research on the development of drugs based on the human protein, Elafin. The Company has obtained Orphan drug designations within the European Union for the use of Elafin for the treatment of pulmonary arterial hypertension and chronic thromboembolic pulmonary hypertension, as well as for the treatment of esophageal cancer. Within the United States, it has obtained Orphan drug designations for the use of Elafin for the treatment of pulmonary arterial hypertension, as well as for the prevention of inflammatory complications of transthoracic esophagectomy.