Iterum Therapeutics shareholders reject proposal to authorize share issuance without pre-emptive rights

Iterum Therapeutics plc

At extraordinary general meeting on Aug 1, 2023, shareholders voted against granting board authority to issue ordinary shares for cash without first offering to existing shareholders.
Proposal required 75% affirmative vote; received only 3,551,455 For vs 2,167,250 Against and 31,590 Abstain.
Failure to pass limits board's flexibility to raise capital via equity offerings without statutory pre-emptive rights under Irish law.
Company had previously disclosed proposal in definitive proxy statement filed June 12, 2023.

Key facts

Extracted from this filing and checked against the source text.

Shareholder Votes SEC 8-K Item 5.07 confidence 0.95

Iterum Therapeutics plc shareholders rejected Board Authority to Issue Ordinary Shares for Cash without First Offering Ordinary Shares to Existing Shareholders at the 2023-08-01 meeting.

Outcome: failed
Meeting: 2023-08-01

Exact text from the filing

On August 1, 2023, Iterum Therapeutics plc (the " Company ") held an extraordinary general meeting, at which the Company’s shareholders voted on the following proposal, which is described in the Company’s definitive proxy statement, filed with the Securities and Exchange Commission on June 12, 2023. Proposal: Board Authority to Issue Ordinary Shares for Cash without First Offering Ordinary Shares to Existing Shareholders. The shareholders did not approve the grant to the board of directors of authority under Irish law to issue shares (including rights to acquire shares) for cash without first offering those shares to existing shareholders under pre-emptive rights that would otherwise apply to the issuance. This proposal required the affirmative vote of the holders of ordinary shares representing at least 75% of the votes cast on the matter to be approved. The results of the shareholders’ vote were as follows: For Against Abstain Broker Non-Votes 3,551,455 2,167,250 31,590 * * No broker

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Source: SEC EDGAR

accession 0000950170-23-036485

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