Iterum Therapeutics shareholders reject proposal to issue up to 5M shares without pre-emptive rights

Iterum Therapeutics plc

Proposal required 75% approval; received 3,139,498 For vs 2,724,101 Against and 26,719 Abstentions.
Failure to grant authority limits board's ability to quickly raise capital by issuing new shares.
Extraordinary general meeting held on January 30, 2024; vote is final.
No broker non-votes as matter was considered routine under NYSE rules.

Key facts

Extracted from this filing and checked against the source text.

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Iterum Therapeutics plc shareholders rejected Board Authority to Issue Ordinary Shares for Cash without First Offering Ordinary Shares to Existing Shareholders at the 2024-01-30 meeting.

Outcome: failed
Meeting: 2024-01-30

Exact text from the filing

The shareholders did not approve the grant to the board of directors of authority under Irish law to allot and issue an additional 5,000,000 shares (including rights to acquire such shares) for cash without first offering those shares to existing shareholders under pre-emptive rights that would otherwise apply to the issuance.

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Source: SEC EDGAR

accession 0000950170-24-008937

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