Summary by Moomoo AI
On April 22, 2024, Novavax, Inc. announced an amendment to its bylaws, effectively lowering the quorum requirement for stockholder meetings. The new quorum is set at one-third (33 1/3%) of the shares of common stock issued and outstanding, a reduction from the previous majority requirement. This change was made in response to difficulties the company has faced in reaching a quorum, attributed to the dispersed nature of its stockholder base and the elimination of discretionary voting by many brokerage firms. The amendment aims to mitigate the risk of not meeting the quorum, which has previously led to adjourned meetings and additional costs for the company. The full text of the Amended and Restated By-Laws is filed with the SEC and incorporated into the Form 8-K report.