Pieris Pharmaceuticals Makes Significant Changes Following Special Meeting

On December 11, 2024, Pieris Pharmaceuticals, Inc. (NASDAQ: PIRS) held a special stockholders meeting where major amendments were proposed and approved. The company’s stockholders agreed to increase the number of authorized shares of common stock from 3,750,000 to 200,000,000. This amendment was a part of the Authorized Share Increase Amendment, which came into effect on December 12, 2024, following filing with the Nevada Secretary of State.

Additionally, the Series F Preferred Stock was automatically redeemed by the company after the Share Increase was implemented. The holder of the Series F Preferred Stock received $0.01 in cash as part of this redemption process. A Certificate of Withdrawal related to the Series F Preferred Stock was filed subsequently.

Furthermore, Pieris Pharmaceuticals saw significant decisions made at the Special Meeting regarding Palvella Therapeutics, Inc. A 2024 Equity Incentive Plan was approved by stockholders, which had been previously adopted by the Board of Directors subject to shareholder approval.

Moreover, the Company’s stockholders voted on several proposals concerning the Merger Agreement with Palvella Therapeutics, Inc. The Proposal No. 2, involving an increase in the number of authorized shares of Pieris common stock, received approval from the requisite votes of both common stockholders and Series F Preferred Stockholders.

The closing of the Merger between Pieris Pharmaceuticals and Palvella Therapeutics is expected to take place on December 13, 2024. As part of this, a Contingent Value Rights Agreement will be established where pre-Merger stockholders will receive one contingent value right for each share held.

It is essential to note that this report contains forward-looking statements regarding the merger and other operational aspects. Pieris Pharmaceuticals emphasizes that forward-looking statements are subject to risks and uncertainties, and actual results may vary from those anticipated.

Finally, the company clarified that the Form 8-K submitted is not a solicitation of a proxy or an offer to sell securities related to the merger. This form does not constitute a sales pitch, and no securities will be sold in jurisdictions where it is unlawful to do so before proper registration or qualification under specific securities laws.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Pieris Pharmaceuticals’s 8K filing here.

Pieris Pharmaceuticals Company Profile

Pieris Pharmaceuticals, Inc, a biotechnology company, discovers and develops biotechnological applications. The company focuses on the development of its 4-1BB bispecifics immuno-oncology (IO) programs. Its clinical pipeline consists of IO bispecifics, including S095012 (PRS-344), a bispecific Mabcalin compound targeting PD-L1 and 4-1BB in partnership with Les Laboratoires Servier and Institut de Recherches Internationales Servier; SGN-BB228 (PRS-346), a CD228 x 4-1BB bispecific antibody-Anticalin compound targeting CD228 and 4-1BB in partnership with Pfizer Inc; and BOS-342 (PRS-342), a GPC3 x 4-1BB bispecific Mabcalin compound targeting GPC3 and 4-1BB in partnership with Boston Pharmaceuticals, which are in phase 1 studies.