Summary by Futu AI
Allarity Therapeutics, Inc. announced a series of amendments to its Certificate of Incorporation, which were approved during the Annual Meeting of Stockholders held on July 26, 2024. The amendments include a reduction in the number of authorized shares from 750,500,000 to 250,500,000 and a decrease in common stock from 750,000,000 to 250,000,000. Additionally, provisions were made to allow for the exculpation of certain officers in specific circumstances, as permitted by law. The amendments are part of a strategic effort to streamline the company's share structure and align with corporate governance practices. The changes were approved by the affirmative vote of the majority of the outstanding shares of the company's common stock entitled to vote. The board of directors had previously adopted resolutions declaring the amendments advisable and in the best interests of the company and its stockholders. The amendments are expected to provide the company with the flexibility to issue shares as needed for general corporate purposes and to potentially reduce future litigation costs associated with frivolous lawsuits.
