Current Report Filing (8-k)
June 16 2022 - 5:02PM
Edgar (US Regulatory)
false
--12-31
0001082038
0001082038
2022-06-15
2022-06-15
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
June 15, 2022
Date of Report
(Date of earliest event reported)
DURECT CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware |
|
000-31615 |
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94-3297098 |
(State or other jurisdiction of
incorporation or organization) |
|
(Commission
File Number) |
|
(I.R.S. Employer
Identification No.) |
10260 Bubb Road
Cupertino, CA 95014
(Address of principal executive offices) (Zip code)
(408) 777-1417
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
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 |
Name of Each Exchange on Which Registered |
Common Stock $0.0001 par value per share
|
DRRX |
The NASDAQ Stock Market LLC
(The 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. ☐
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
At the 2022 Annual Meeting of Stockholders (the “Annual Meeting”) of DURECT Corporation (the “Company”), held online via live audio webcast on June 15, 2022, the Company’s stockholders approved an amendment of the 2000 Stock Plan (the “Stock Plan”) to increase the number of shares of the Company’s Common Stock available for issuance by 18,000,000 shares and to extend the term of the Stock Plan so that the Stock Plan will terminate on the date that is ten (10) years following stockholder approval of the amended and restated Stock Plan (i.e., June 15, 2032).
The foregoing description of the amendment of the 2000 Stock Plan is only a summary and is qualified in its entirety by the full text of the 2000 Stock Plan, as amended, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
At the Annual Meeting of the Company, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to increase the number of authorized shares of common stock from 350,000,000 to 600,000,000 (the “Charter Amendment”). The Company filed the Charter Amendment with the Secretary of State of the State of Delaware, and it became effective on June 15, 2022.
The foregoing description of the Charter Amendment is qualified in its entirety by the full text of the Charter Amendment, which is attached hereto as Exhibit 3.1 and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the Annual Meeting, there were 175,842,593 shares represented to vote either in person or by proxy, or 77.2 % of the outstanding shares, which represented a quorum. The final results of voting for each matter submitted to a vote of stockholders at the Annual Meeting were as follows:
Proposal 1: Election of Directors
Terrence F. Blaschke and Gail J. Maderis were elected as Class I directors for a term of three years. The voting for each director was as follows:
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|
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For |
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Withheld |
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Broker Non-Votes |
Terrence F. Blaschke |
|
114,401,783 |
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6,050,033 |
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55,390,777 |
Gail J. Maderis |
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117,196,615 |
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3,255,201 |
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55,390,777 |
Proposal 2: An amendment to our Certificate of Incorporation to increase the number of authorized shares of common stock from 350,000,000 to 600,000,000
The amendment to our Certificate of Incorporation was approved based upon the following votes:
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|
|
|
|
|
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For |
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Against |
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Abstain |
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Broker Non-Votes |
151,090,265 |
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24,162,233 |
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590,095 |
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0 |
Proposal 3: An amendment and restatement of the 2000 Stock Plan
The amendment and restatement of the 2000 Stock Plan was approved based upon the following votes:
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|
|
|
|
|
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For |
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Against |
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Abstain |
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Broker Non-Votes |
3
|
|
|
|
|
|
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104,069,117 |
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10,627,657 |
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5,755,042 |
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55,390,777 |
Proposal 4: Say on Pay – An advisory vote on the approval of executive compensation
The Company’s compensation of the Company’s Named Executive Officers was approved on a non-binding, advisory basis based upon the following votes:
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|
|
|
|
|
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For |
|
Against |
|
Abstain |
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Broker Non-Votes |
104,086,779 |
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7,400,100 |
|
8,964,937 |
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55,390,777 |
Proposal 5: Ratification of Appointment of Independent Registered Public Accounting Firm for the Company for the Current Fiscal Year
The appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for fiscal year 2022 was ratified based upon the following votes:
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|
|
|
|
|
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For |
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Against |
|
Abstain |
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Broker Non-Votes |
173,434,117 |
|
1,625,375 |
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783,101 |
|
0 |
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
ExhibitDescription
_________
* Management contract or compensatory plan or arrangement.
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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.
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DURECT Corporation |
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Date: June 16, 2022 |
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By: |
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/s/ James E. Brown |
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James E. Brown
President and Chief Executive Officer
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