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Satellos Bioscience Announces Results from Its Annual General Meeting of Shareholders and Adoption of Amendments to Stock Option Plan
Toronto, Ontario--(Newsfile Corp. - June 30, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (" S...
About this update from Satellos Bioscience Inc
[{"type":"text","content":"Satellos Bioscience Announces Results from Its Annual General Meeting of Shareholders and Adoption of Amendments to Stock Option PlanToronto, Ontario--(Newsfile Corp. - June 30, 2023) - Satellos Bioscience Inc. (TSXV: MSCL) (\"Satellos\" or the \"Company\"), a regenerative medicine company aimed at developing therapeutics that change the way degenerative muscle diseases are treated, announced today the results of its annual general meeting of shareholders held virtually on June 29, 2023 (the \"Meeting\"), as well as the adoption of amendments to the Company's Stock Option Plan.A total of 34,607,323 common shares were voted in connection with the Meeting, representing approximately 30.68% of the issued and outstanding common shares of the Company.Shareholders approved fixing the number of directors of the Company at eight, and each of the eight nominees listed in the management information circular of the Company (the \"Circular\") dated May 29, 2023, namely, Frank Gleeson, Dr. Rima Al-awar, Brian Bloom, William Jarosz, Geoff MacKay, Dr. William McVicar, Adam Mostafa, and Franklin M. Berger, was elected as a director of Satellos for the ensuing year or until his or her successor is elected or appointed.In addition, Satellos reports that an ordinary resolution approving the appointment of MNP LLP as the Company's auditors for the ensuing year and to authorize the directors to fix the auditors' remuneration was passed at the Meeting.Further, an ordinary resolution of disinterested shareholders of the Company was passed approving the amendment and restatement of the Company's Stock Option Plan in order to change the Stock Option Plan from a \"rolling 10% plan\" to a \"fixed plan\", pursuant to which the aggregate number of common shares to be issued thereunder will not exceed 18,300,000 common shares (subject to the approval of the TSX Venture Exchange (the \"TSXV\")). This number of common shares represents approximately 12% of the sum of (i) the number of common shares issuable pursuant to the exercise of pre-funded warrants issued in the Company's May 2023 prospectus offering (the \"Pre-funded Warrants\") and (ii) the number of issued and outstanding common shares as of the date of the Circular. Such number of common shares also represents approximately 16% of the issued and outstanding common shares of the Company (excluding the...