Panbela receives Nasdaq bid price deficiency notice; issues preferred stock with 100M votes to Chairman

Panbela Therapeutics, Inc.

Received Nasdaq notice: common stock bid price below $1.00 for 30 consecutive days; 180-day cure period until Oct 11, 2023.
Issued 1 share of Series A Preferred Stock to Chairman Michael T. Cullen for $10; share carries 100M votes solely on reverse stock split proposals.
Amended bylaws to reduce stockholder quorum from majority to one-third of voting power.
Preferred stock is not convertible, has no dividend or liquidation rights; redeemable at $10 upon board order or stockholder approval of reverse split.
Company warns no assurance of regaining compliance; may face delisting if not cured.

item 1.01 item 5.03 item 3.01 item 3.02 item 3.03 item 9.01

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

Panbela Therapeutics, Inc.: Reduced stockholder meeting quorum requirement from majority to one-third of voting power (effective 2023-04-14).

Change: bylaw amendment
Effective: 2023-04-14

Exact text from the filing

On April 14, 2023, the Board of Directors of the Company amended and restated the Company’s Bylaws (as so amended and restated, the “Bylaws”) to reduce the quorum requirement at meetings of the Company’s stockholders from a majority of the voting power of the shares of stock of the Company issued and outstanding and entitled to vote, present in person or represented by proxy, to one-third of the voting power of the shares of stock of the Company issued and outstanding and entitled to vote, present in person or represented by proxy, effective immediately.

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Source: SEC EDGAR

accession 0001437749-23-010553

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