An update from Sangamo Biosciences ( (SGMO) ) is now available.
Facing a class action complaint challenging the validity of their Common Stock Increase Amendment, Sangamo Therapeutics, Inc. sought validation from the Delaware Court of Chancery to solidify the increase of authorized common stock shares from 640,000,000 to 960,000,000. The complaint arose from a discrepancy over voting standards, alleging the company should have used a majority-of-outstanding-shares standard instead of a majority-of-votes-cast standard. To quell uncertainties and potential harm, the company took legal action to confirm the amendment’s effectiveness, adhering to new Delaware General Corporation Law provisions designed to streamline shareholder approval processes for corporate actions.
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