Bellerophon (BLPH) has released an update to notify the public and investors about corporate charter and bylaws modifications.
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On January 25, 2024, the Company designated the Series A Preferred Stock with specific voting rights and privileges. Each share will have votes equal to the number of common stock shares and will vote on matters related to the Company’s liquidation proposal, with their vote reflecting the proportionate votes of common shares. Series A Preferred Stock carries a priority in liquidation proceeds of $0.01 per share, is non-convertible, does not receive dividends, and may be redeemed by the Board at $0.01 per share. Voting rights are limited except as mandated by Delaware law.
For further insights into BLPH corporate activity, check out TipRanks’ Insiders Trading Activity page.
For a comprehensive understanding of the announcement, you can read the full document here.