Catalyst creates super-voting Series Y Preferred to ensure reverse stock split approval

GYRE THERAPEUTICS, INC.

Board declared dividend of one one-thousandth of a share of Series Y Preferred for each common share, record date June 30, 2023.
Each one-thousandth of a share of Series Y Preferred entitles holder to 250 votes, but only on a reverse stock split proposal.
Series Y Preferred cannot be transferred separately from common shares, and will be redeemed at $0.001 per whole share after the vote.
Series Y Preferred ranks senior to common but junior to Series X Preferred and CVRs; no dividend rights, only liquidation preference of $0.001 per share.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

GYRE THERAPEUTICS, INC.: Filed a Certificate of Designation for Series Y Preferred Stock, setting forth rights, preferences, and limitations in connection with a Reverse Stock Split amendment to the Certificate of Incorporation (effective 2023-06-20).

Change: charter amendment
Effective: 2023-06-20

Exact text from the filing

The Company has filed a certificate of designation with respect to the Series Y Preferred Stock (the “Certificate of Designation”) that sets forth the rights, preferences and limitations of the Series Y Preferred Stock

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GYRE THERAPEUTICS, INC. filing history →

Source: SEC EDGAR

accession 0001140361-23-030517

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