bluebird bio, Inc., a biotechnology company listed on Nasdaq, has announced its intention to reconvene its Annual Stockholder Meeting on December 4, 2024, to vote on Proposal 4, which involves a reverse stock split of the company's common stock. The reverse stock split aims to ensure compliance with Nasdaq's minimum bid price requirement and to make the company's stock more attractive to institutional investors. Additionally, it would increase the company's authorized share count, potentially aiding future financing efforts. The company has reported significant progress, including doubling patient starts between Q2 and Q3, and projects a minimum of $25 million in net revenue for Q4. With over 25 patients scheduled for treatment in 2025, bluebird bio anticipates continued commercial success. However, additional funding is needed to...Show More

bluebird bio, Inc., a biotechnology company listed on Nasdaq, has announced its intention to reconvene its Annual Stockholder Meeting on December 4, 2024, to vote on Proposal 4, which involves a reverse stock split of the company's common stock. The reverse stock split aims to ensure compliance with Nasdaq's minimum bid price requirement and to make the company's stock more attractive to institutional investors. Additionally, it would increase the company's authorized share count, potentially aiding future financing efforts. The company has reported significant progress, including doubling patient starts between Q2 and Q3, and projects a minimum of $25 million in net revenue for Q4. With over 25 patients scheduled for treatment in 2025, bluebird bio anticipates continued commercial success. However, additional funding is needed to achieve cash flow breakeven in the second half of 2025. The proposal has received recommendations from ISS and Glass Lewis, and while stockholder votes currently favor the proposal, a majority of over 50% of total outstanding shares is required for approval. The company's CEO, Andrew Obenshain, has urged stockholders to vote in favor of the proposal, emphasizing its importance for the company's future.