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

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 delisting of Panbela Therapeutics' common stock, which will take effect ten days post-filing. Consequently, the company has applied to list its common stock on the CBOE's US Equity Listings Tier II and will maintain its OTCQB listing under the symbol 'PBLA' in the interim. Due to the delisting, a special meeting initially scheduled for May 3, 2024, to vote on the reverse stock split has been postponed to May 28, 2024, with a new record date set for April 24, 2024. A new proxy statement will be prepared and mailed for the rescheduled meeting.