Summary by Moomoo AI
TransCode Therapeutics, Inc. has announced a Special Meeting of Stockholders to be held virtually on November 22, 2024. The meeting will address three key proposals: the ratification of a securities issuance and sale agreement with ThinkEquity LLC, an amendment to the company's charter to effect a reverse stock split, and a proposal to adjourn the meeting if necessary to solicit additional votes. The reverse stock split aims to increase the market price of TransCode's common stock to comply with Nasdaq's minimum bid price requirement. The Board has recommended a range for the reverse stock split, from one-for-ten to one-for-forty, with the exact ratio to be determined by the Board. The ratification proposal seeks to address a compliance issue with Nasdaq Listing Rule 5635(d), which requires shareholder approval for certain transactions. The Board has fixed October 25, 2024, as the record date for stockholders entitled to vote. The company has also addressed potential delisting risks if compliance with Nasdaq's continued listing requirements is not regained.
