Opgen Inc. (NASDAQ: OPGN) stock declined by 1.84% at the last close whereas the OPGN stock price gains by 22.07% in the pre-market trading session. OpGen is a precision medicine firm that uses molecular diagnostics and bioinformatics to aid in the fight against infectious illness.
OPGN stated that it had its 2021 annual shareholders meeting, and postponed it only to discuss Proposal 2 in its Definitive Proxy Statement issued with the Securities and Exchange Commission on April 26, 2021. Proposal 2 is a plan to modify the Amended and Restated Certificate of Incorporation to raise the permitted number of shares of common stock from 50,000,000 to 100,000,000 and the number of capital stock shares from 60,000,000 to 110,000,000. All other proposals received overwhelming support from investors at the Annual Meeting.
As a result, OPGN has delayed the Annual Meeting exclusively to vote on Proposal 2 and to provide its investors more time to vote. On July 7, 2021, the Annual Meeting will reconvene with regard to Proposal 2 and will be conducted at OPGN’s headquarters. The close of business on April 15, 2021 shall remain the record date for identifying stockholders qualified to vote at the Annual Meeting. More than two-thirds of OpGen stockholders who have already voted on Proposal 2 have voted in favor of the proposal, which represents approximately 43 percent of all shares outstanding as of the record date.
Oliver Schacht, CEO of OpGen stated,
The number of stockholders who voted this year was highly encouraging for OPGN, with an enormous majority of shareholders voting in favor of all proposals. In order for Proposal 2 to proceed, at least 66.67 percent of all of OpGen’s outstanding shares as of the record date must vote in support of the proposal. He added that he cannot understate the significance of Proposal 2 for OPGN’s continued success, which is why OPGN’s Board unanimously recommends that it be accepted. While OpGen had a good cash position of $ 39.4 million at the end of Q1-2021, these extra approved shares will allow OPGN to continue to develop, effectively manage and potentially help repay their long-term debt, and raise further capital as needed. Stockholders should also be aware that on June 29, 2021, they will be hosting a webinar on the business update.