iBio, Inc. (IBIO) Earnings Call Transcript & Summary

Good morning, and thank you for attending iBio's Reconvened 2021 Annual Meeting of Stockholders. I'm Thomas Isett, Chairman of the Board and CEO of iBio. On behalf of our Board of Directors and our management team, it's my privilege to welcome you to our Reconvened 2021 Annual Meeting of Stockholders. We previously adjourned this meeting on December 9, and again, on December 22, with respect to proposal 4, the reverse stock split; and proposal 5, the change in authorized shares placed before our stockholders. Previously, 64% of the voting stockholders voted in favor of proposal 4, and 67% voted in favor of proposal 5. Although a clear majority of those voting were in favor of the proposals with over 80 million shares voting for, most votes were -- more votes were needed. So we adjourned until today to allow more stockholders to vote. As previously reported, the other proposals did pass as they had lower voting requirements for approval. More votes have since come in for proposals 4 and 5, and we have approximately 90 million votes for each proposal. However, based on the tabulation of votes, we did not receive the requisite number to amend our certificate of incorporation to authorize a reverse stock split or to change the number of authorized shares and common stock. And so proposals 4 and 5 did not pass. The final tabulation of these votes will appear in a Form 8-K that the company will file with the Securities and Exchange Commission within the next 4 business days. We are pleased by the support we did receive for each of these proposals of the stockholders who voted on proposals 4 and 5, we received a clear vote in favor of taking the proposed actions by a margin of approximately 2:1. We will continue to work on solutions to overcome structural impediments to implementing the will of our voting stockholders and more broadly, to ensure iBio is in a position to continue to grow. This concludes the 2021 Annual Meeting of Stockholders. Thank you very much for participating and for your continuing support of iBio. We look forward to you joining us again at upcoming meetings of the stockholders. Thank you.