Arch Therapeutics adopts 2023 equity plan (455,169 shares) and amends bylaws

Arch Therapeutics, Inc.

Board approved 2023 Equity Incentive Plan, reserving 455,169 shares of common stock.
Plan replaces expired 2013 plan; includes 10-year term and annual automatic share increases.
Bylaw amendment permits stockholder action by written consent with minimum vote required.
Bylaw amendment allows chairman to adjourn stockholder meetings in absence of quorum.
Company intends to seek stockholder ratification of the plan in the near future.

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 0.95

Arch Therapeutics, Inc.: The Board approved an amendment to the Amended and Restated Bylaws to allow stockholders to take action by written consent without a meeting and to allow the chairman to adjourn a meeting in the absence of a quorum (effective 2023-07-18).

Change: bylaw amendment
Effective: 2023-07-18

Exact text from the filing

On July 18, 2023, the Board approved an amendment to the Amended and Restated Bylaws of the Company (the “ Bylaw Amendment ”), effective immediately. The Bylaw Amendment amended Article 2, Section 2.10(a), and Article 2, Section 2.5(a) of the Amended and Restated Bylaws (i) to allow stockholders of the Company to take action by written consent without a meeting with not less than the minimum number of votes that would be necessary to take such action if the matter was presented at a meeting of stockholders at which all shares entitled to vote thereon were present and voted, subject to certain limitations and (ii) to provide that in in the absence of a quorum, the chairman of a stockholder meeting can adjourn the meeting, respectively.

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Source: SEC EDGAR

accession 0001437749-23-020539

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