other material
confidence high
sentiment neutral
materiality 0.55
Citius issues CEO super-voting stock to push 16M-to-250M share increase; quorum cut to 1/3
Citius Pharmaceuticals, Inc.
- One share of Series A Preferred sold to CEO Leonard Mazur for $100 with 1B votes, valid only on proposed authorized share increase from 16M to 250M common shares.
- Board amended bylaws reducing stockholder meeting quorum from majority to one-third to avoid adjournment risk.
- Series A has no conversion, dividend, or liquidation rights; redeemed for $100 automatically after vote results announced.
- Special meeting called; preliminary proxy filed for shareholder vote on the authorized share increase.