{"id":474646,"date":"2021-04-12T07:03:46","date_gmt":"2021-04-12T11:03:46","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/seneca-biopharma-inc-announces-i-voting-results-from-the-special-meeting-of-stockholders-and-ii-new-special-meeting-date-of-april-23-2021\/"},"modified":"2021-04-12T07:03:46","modified_gmt":"2021-04-12T11:03:46","slug":"seneca-biopharma-inc-announces-i-voting-results-from-the-special-meeting-of-stockholders-and-ii-new-special-meeting-date-of-april-23-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/seneca-biopharma-inc-announces-i-voting-results-from-the-special-meeting-of-stockholders-and-ii-new-special-meeting-date-of-april-23-2021\/","title":{"rendered":"Seneca Biopharma, Inc. Announces (i) Voting Results from the Special Meeting of Stockholders and (ii) New Special Meeting Date of April 23, 2021"},"content":{"rendered":"
\n

Five of six proposals related to merger transaction with Leading BioSciences were approved by Seneca stockholders at the Special Meeting of Stockholders held on April 9, 2021<\/h2>\n

Meeting is adjourned until April 23, 2021 at 11:00 AM ET to solicit additional votes for proposal #1 for the reverse stock split<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n GERMANTOWN, Md.<\/span>, April 12, 2021<\/span> \/PRNewswire\/ — Seneca Biopharma, Inc. (Nasdaq:\u00a0SNCA) (“Seneca<\/span>” or the “Company”), announced the preliminary voting results of its Special Meeting of Stockholders on April 9, 2021<\/span>. At the Special Meeting, Seneca<\/span> asked stockholders to approve six proposals related to its proposed merger transaction with Leading BioSciences, Inc. (“LBS”), a biopharma company advancing therapies for acute and chronic gastrointestinal complications. All proposals, with the exception of proposal #1 for a reverse stock split (the “Reverse Split Proposal”), were approved by Seneca<\/span> stockholders. In order to solicit additional votes for the Reverse Split Proposal, the Special Meeting was adjourned only with respect to the Reverse Split Proposal until April 23, 2021<\/span> at 11:00 AM ET<\/span> and will be held virtually at\u00a0www.virtualshareholdermeeting.com\/SNCA2021SM<\/a>.\u00a0The Reverse Split Proposal requires a higher voting threshold than the other proposals.<\/p>\n

For more information on the proposals, see the Company’s Proxy Statement<\/a>\u00a0dated February 11, 2021<\/span>. The following table summarizes the preliminary voting results of the Special Meeting of Stockholders held on April 9, 2021<\/span> for the proposals that were approved.<\/p>\n

\n\n\n\n\n\n\n\n\n
\n

\n
\n Item<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Vote Results<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n % Votes For<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Proposal #2: Issuance of shares of Seneca Common Stock<\/span>\n <\/p>\n<\/td>\n

\n

\n Approved<\/span>\n <\/p>\n<\/td>\n

\n

\n 88.45%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Proposal #3: Palisade Bio, Inc. 2021 Equity Incentive Plan<\/span>\n <\/p>\n<\/td>\n

\n

\n Approved<\/span>\n <\/p>\n<\/td>\n

\n

\n 62.19%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Proposal #4: Palisade Bio, Inc. 2021 Employee Stock Purchase Plan<\/span>\n <\/p>\n<\/td>\n

\n

\n Approved<\/span>\n <\/p>\n<\/td>\n

\n

\n 65.25%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Proposal #5: Compensation payable to Seneca’s executive officers <\/span>\n <\/p>\n<\/td>\n

\n

\n Approved<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.21%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Proposal #6: Adjournment of the Seneca virtual Special Meeting<\/span>\n <\/p>\n<\/td>\n

\n

\n Approved<\/span>\n <\/p>\n<\/td>\n

\n

\n 84.49%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n
\n
\n Seneca<\/span> stockholders are urged to vote in support of the reverse stock split (proposal #1) in the upcoming Special Meeting of Stockholders<\/u>
\n <\/i>
\n <\/b>\n <\/p>\n

\n Seneca<\/span> stockholders as of the close of business on February 9, 2021<\/span>, the record date for the Special Meeting, are eligible to vote and attend the virtual Special Meeting that will reconvene on April 23, 2021<\/span>. The parties to the proposed merger transaction reiterate that they are all fully supportive of the proposed merger. Institutional Shareholder Services (ISS), a leading proxy advisory firm, has also endorsed the merger transaction. Seneca<\/span> believes that the completion of the merger transaction provides a compelling opportunity to maximize value for Seneca<\/span> stockholders by participating in the growth of the combined company, Palisade Bio. As such, Seneca<\/span> stockholders are strongly encouraged to vote in support of Proposal #1, the Reverse Split Proposal, which, as of the date of the Special Meeting held on April 9, 2021<\/span>, had overwhelming support with more than 85% of votes cast in favor. Approval of proposal #1 is necessary for the combined company to meet the Nasdaq Capital Market initial listing requirements for such a transaction.<\/b><\/p>\n

\n To assist stockholders with voting, the management of Seneca<\/span> and LBS have:<\/i>\n <\/p>\n