Summary by Futu AI
Panbela Therapeutics, Inc. has announced a Special Meeting of Stockholders to be held virtually in 2024, with the exact date yet to be determined. The meeting will address two key proposals: a reverse stock split of the company's common stock at a ratio between 1-for-10 and 1-for-45, and the potential adjournment of the meeting if necessary to solicit additional proxies. Stockholders of record as of March 27, 2024, will be eligible to vote. The reverse stock split aims to increase the per-share market price of Panbela's common stock to meet national securities exchange listing requirements and avoid penny stock classification. This follows the Nasdaq Hearings Panel's decision to delist Panbela's common stock, which was suspended from trading on March 7, 2024, and is now quoted on the OTC Pink market. The Board of Directors has unanimously approved the proposals and recommends stockholders vote in favor. The proposals are detailed in the proxy statement, which will be distributed starting on or about the date of the announcement.