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. The transaction was completed on the same day. This Preferred Stock grants 90,000,000 votes to Cullen, solely for voting on proposals to amend the company's certificate of incorporation regarding a reverse stock split of the common stock. The Preferred Stock is non-convertible, does not entitle the holder to dividends, and has no liquidation rights. It may be redeemed at the discretion of the Board or upon stockholder approval of a reverse stock split. On April 25, 2024, Nasdaq filed a Form 25 indicating the...Show More