Summary by Moomoo AI
On April 23, 2024, Panbela Therapeutics, Inc. entered into a material definitive agreement with Michael T. Cullen, the Chairman of the Board of Directors. The agreement involved the sale of one share of Series A Preferred Stock to Cullen for $10, which closed on the same day. This Preferred Stock grants 90 million votes and is non-convertible, with no dividend rights or asset distribution rights, except in the case of a reverse stock split proposal. Additionally, Panbela Therapeutics announced that Nasdaq filed a Form 25 Notification of Removal from Listing on April 25, 2024, which will result in the delisting of the company's common stock. In response, the company has applied to list its common stock on the Chicago Board of Options Exchange (CBOE) and will maintain its OTCQB listing under the symbol 'PBLA' in the interim. Furthermore, due to the delisting, a special meeting initially scheduled for May 3, 2024, to vote on a reverse stock split has been postponed to May 28, 2024, with a new record date set for April 24, 2024.