Palatin Technologies, Inc. (0KF3) Earnings Call Transcript & Summary

Hello. Good morning, everyone. Will the meeting please come to order? I'm Stephen T. Wills, the Chief Financial Officer and Chief Operating Officer of Palatin Technologies, Inc. This reconvened continuation of the Annual Meeting of the Stockholders is held pursuant to the bylaws of the company and Delaware law. You are participating in this meeting virtually. Stockholders may submit questions at any time during this meeting to the space provided in the virtual meeting screen. During the annual meeting, questions from stockholders should pertain only to the sole item under consideration, Proposal 4, approval of an amendment to our restated certificate of incorporation. I will act as Chair of this meeting of stockholders; and Stephen Slusher, Chief Legal Officer, will act as Secretary of the meeting. The Board of Directors has appointed Christopher J. Woods of American Election Services to serve as the independent inspector of the election for this meeting. Mr. Woods has previously filed his oath of office with the secretary of the meeting. On April 29, 2020, the record date for this annual meeting, there were outstanding and entitled to vote a total of 229,258,400 shares of common stock, and 4,030 shares of Series A preferred stock with approximately 16 votes per share, equating to a total of 66,059 votes. I have been informed by the inspector of election that there are 165,221,791 shares of stock represented by proxy or approximately 72% and of all the shares in total to vote at this reconvened annual meeting. The shares so represented exceed 50% of the total shares entitled to vote at this meeting and thus, constitute a quorum. Proper notice of this meeting has been given and a quorum is present. Accordingly, this meeting has been properly convened. The opening of the polls. It is approximately 09:04 a.m., Eastern Time, on July 23, 2020, and the polls are now open. All Palatin stockholders entitled to vote at this meeting have the ability to do so online. If you are a stockholder entitled to vote and have not yet voted or if you want to change your previously cast vote, please do so via the website used to access this meeting. Please remember that if you have already voted by proxy, it is not necessary to vote again. After voting has been completed on the sole matter on the agenda, we will close the polls and the inspector of election will provide the preliminary report. The Proposal 4 is for the approval of the amendment to our restated certificate of incorporation to increase the number of authorized shares of common stock. This sole matter to come before this meeting is a resolution for approval of an amendment to the company's restated certificate of incorporation to increase our authorized common stock from 300 million shares to 500 million shares. This matter requires an affirmative vote of a majority of all outstanding common stock of the company. At the annual meeting on June 25, the meeting was adjourned with respect to Proposal 4. If this Proposal 4 is approved by a majority of all outstanding common stock of the company, the restated certificate of incorporation will become effective upon filing with the Secretary of State of the State of Delaware. In the event our stockholders do not approve Proposal 4, the amended restated certificate of incorporation will not become effective and the existing restated certificate of incorporation will continue in its current form. Are there any questions or comments on this proposal? Seeing no questions or comments, the polls are about to close. So if you have not yet voted, please do so. I see some activity so I'll pause for a few seconds. [Voting]

Okay. I think we're complete there. The inspector of election has delivered his preliminary report, and I will now announce the preliminary results. While this resolution for approval of an amendment to the company's restated certificate of incorporation has received the majority of votes cast on this matter, it has not received the majority of all outstanding common stock of the company and accordingly has not passed. We will file the final report of the inspector of election with the records of this meeting. We expect to report the results of the voting on a Form 8-K to be filed with the SEC within 4 business days of this meeting. At this time, I'd like to thank everyone for participating. And this concludes the business for the meeting. The meeting is now adjourned. Thank you, everyone. At this time, I believe the operator will terminate the call.