Lipocine Amends Bylaws and Declares Series B Preferred Stock Dividend for Reverse Stock Split Vote

Lipocine Inc.

Bylaw Amendment adopted March 7, 2023, reducing stockholder quorum from a majority to one-third of outstanding shares.
Board declared dividend of 1/1000th share of Series B Preferred Stock per common share, record date March 24, 2023.
Each Series B Preferred share carries 1,000,000 votes, voting solely on reverse stock split and adjournment proposals.
Series B Preferred is non-transferable except with common stock; shares are subject to automatic redemption before or after the reverse stock split vote.
Press release issued March 10, 2023, announcing the pro rata distribution of Series B Preferred Stock to common stockholders.

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 0.98

Lipocine Inc.: Bylaw amendment to reduce the stockholder quorum requirement from a majority to one-third of outstanding shares entitled to vote (effective 2023-03-07).

Change: bylaw amendment
Effective: 2023-03-07

Exact text from the filing

On March 7, 2023, the board of directors the (“ Board ”) of Lipocine Inc. (the “ Company ”), adopted and approved an amendment to the Company’s Amended and Restated Bylaws (the “ Bylaws Amendment ”) in order to change the number of stockholders required to constitute a quorum at a meeting of stockholders, from requiring a majority, to requiring one-third, of the outstanding shares of stock entitled to vote, present in person, by remote communication, or represented by proxy.

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Source: SEC EDGAR

accession 0001493152-23-007176

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