Ocugen, Inc. (NASDAQ: OCGN), shares spiked more than 70% to $1.37 in the After-hours Session after the company announced that on December 23, 2020, at 11:00 a.m. Eastern Time its 2020 Annual Meeting of Stockholders will convene and will adjourn solely concerning its Definitive Proxy Statement filed with the Securities and Exchange Commission on October 30, 2020.
A proposal referred to as Item 2 is a proposal to amend the Company’s Sixth Amended and Restated Certificate of Incorporation to increase the number of shares authorized for common stock. This adjournment is planned to give stockholders additional time to vote on Item 2. Continuing with the discussion of Item 2 at 11:00 a.m. Eastern time on January 13, 2021, the Annual Meeting will be held virtually.
The record date for the decision of the registered voting stockholders at the annual meeting will remain at the close of business on 28 October 2020. According to the proposed proxy amendment, the Company’s Sixth Amended and Restated Certificate of Organization will be updated by reducing the proposed aggregate number of shares of common stock that it would be authorized to issue to 400,000,000 shares. Upon the record date of December 23, 2020, stockholders of the Company will receive a copy of the proxy amendment.
The record date for determining who is eligible to vote at the annual meeting will be October 28, 2020 close of business. All proxy votes already submitted for the reconvened Annual Meeting will remain valid. The Definitive Proxy Statement describes the process stockholders who have already submitted proxies, can update their vote on the modified item.