Sun BioPharma, Inc. (OTCMKTS:SNBP) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07 Submission of Matters to a Vote of Security Holders.
On August 22, 2017, Sun BioPharma, Inc. (the “Company”) filed with the U.S. Securities and Exchange Commission a definitive consent solicitation statement on Schedule 14A seeking stockholder approval of a proposal to amend the Certificate of Incorporation of the Company to effect a reverse stock split of the Company’s common stock at a ratio of one-for-ten (1:10) and reduce the shares authorized for issuance by 50%, with such reverse stock split and reduction in authorized shares to be effective at such date and time, if at all, as determined by the Board of Directors of the Company in its sole discretion.
As of September 11, 2017, the Company had received sufficient written consents to approve the proposal. Voting was closed as of the end of the day on September 12, 2017. The consents received through September 12, 2017 resulted in the following votes:
|
For |
Against |
|
|
Proposal—Amend the Certificate of Incorporation to Effect a Reverse Stock Splitand to Reduce the Shares Authorized for Issuance by 50% |
26,461,945 |
154,500 |
The consummation of the amendment to the Certificate of Incorporation remains subject to certain conditions, including completion of a review of the reverse stock split by the Financial Industry Regulatory Authority (FINRA). In the event that the Company proceeds with effectuating the Amendment, a Certificate of Amendment will be filed with the Delaware Secretary of State, which will cause the reverse stock split and reduction in authorized shares to become effective as of the date of filing.
About Sun BioPharma, Inc. (OTCMKTS:SNBP)
Sun BioPharma, Inc., formerly Cimarron Medical, Inc., is a clinical stage drug development company. The Company is a biopharmaceutical company focused on developing therapies for pancreatic diseases. It is engaged in the commercial development of a polyamine analogue for pancreatic cancer and for a second indication in chronic pancreatitis. The Company’s products include SBP-101, SBP-102 and SBP-103. Its SBP-101 is a polyamine compound and exhibits specificity for the exocrine pancreas, with therapeutic potential for both pancreatic cancer and pancreatitis indications. It develops SBP-101 for the treatment of patients with pancreatic ductal adenocarcinoma. The SBP-102 product is in non-clinical feasibility evaluation for the treatment of patients with pancreatitis. The SBP-103 product is in non-clinical exploratory evaluation. The Company has enrolled first patient in its Phase I clinical trial of SBP-101 in patients with previously treated pancreatic cancer.
