Form 8-K - Current report
November 15 2023 - 11:30AM
Edgar (US Regulatory)
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0001533743
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2023-11-14
2023-11-14
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): November 14, 2023
PROCESSA
PHARMACEUTICALS, INC.
(Exact
Name of Registrant as Specified in its Charter)
Delaware |
|
001-39531 |
|
45-1539785 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
|
|
7380
Coca Cola Drive, Suite 106,
Hanover, Maryland |
|
21076 |
|
|
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (443) 776-3133
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 par value per share |
|
PCSA |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
5.07 |
Submission
of Matters to a Vote of Security Holders. |
On
November 14, 2023, the Company held a Special Meeting of Shareholders (the “Special Meeting”) in Hanover, Maryland. Present
at the Special Meeting in person or by proxy were holders of shares of common stock of the Company, representing a majority
of the voting power of the common stock of the Company issued and outstanding and entitled to vote as of the close of business on September
25, 2023, the record date for the Meeting (the “Record Date”), and constituting a quorum for the transaction of business.
The shareholders approved a proposal to grant the Board of Directors discretionary authority to amend the Company’s Fourth
Amended and Restated Certificate of Incorporation to effect a reverse stock split of the Company’s outstanding common stock, $0.0001
par value per share, at a ratio of not less than 1-for-5 and not more than 1-for-30, such ratio to be determined in the sole discretion
of the Company’s Board of Directors, without a corresponding reduction in the Company’s authorized shares, and to be effective
upon a date determined by the Board of Directors no later than March 18, 2024 (the “Reverse Stock Split Proposal”).
A
total of 15,258,183 shares of the Company’s Common Stock were present at the meeting in person or by proxy, which represented approximately
62.0% of the outstanding shares of the Company’s Common Stock as of the Record Date.
Proposal
1: Reverse Stock Split
At
the Special Meeting, the shareholders approved the Reverse Split Proposal based on the following vote tabulation:
Shares |
For |
|
Against |
|
Abstain |
|
Broker
Non-Vote |
13,895,377 |
|
1,341,351 |
|
21,455 |
|
- |
Proposal
2: Adjournment Proposal
Shares |
For | |
Against | |
Abstain | |
Broker
Non-Vote |
13,814,588 | |
1,306,797 | |
136,798 | |
- |
Although Proposal 2 was approved, the adjournment of the Special Meeting was not necessary because the shareholders
approved Proposal 1.
Item
9.01(d) |
Financial
Statements and Exhibits |
104 |
Cover
Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL documents) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
PROCESSA
PHARMACEUTICALS, INC. |
|
|
|
Date:
November 15, 2023 |
By: |
/s/
James Stanker |
|
|
James
Stanker |
|
|
Chief
Financial Officer |
v3.23.3
Cover
|
Nov. 14, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
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Amendment Flag |
false
|
Document Period End Date |
Nov. 14, 2023
|
Entity File Number |
001-39531
|
Entity Registrant Name |
PROCESSA
PHARMACEUTICALS, INC.
|
Entity Central Index Key |
0001533743
|
Entity Tax Identification Number |
45-1539785
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
7380
Coca Cola Drive
|
Entity Address, Address Line Two |
Suite 106
|
Entity Address, City or Town |
Hanover
|
Entity Address, State or Province |
MD
|
Entity Address, Postal Zip Code |
21076
|
City Area Code |
(443)
|
Local Phone Number |
776-3133
|
Written Communications |
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Soliciting Material |
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Pre-commencement Tender Offer |
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Pre-commencement Issuer Tender Offer |
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|
Title of 12(b) Security |
Common
Stock, $0.0001 par value per share
|
Trading Symbol |
PCSA
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
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