Carlsbad, CA, Sept. 18, 2025 (GLOBE NEWSWIRE) -- Palisade Bio, Inc. (Nasdaq: PALI) ("Palisade", "Palisade Bio", or the "Company"), a clinical-stage biopharmaceutical company advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases, today announced that the Company's special meeting of stockholders held on September 18, 2025 at 9:00 a.m. Pacific Time was convened and adjourned, without any business being conducted, due to lack of the required quorum.
A quorum consists of one-third of the outstanding shares of the Company's common stock entitled to vote at the special meeting. There were fewer than one-third of outstanding shares of the Company's common stock entitled to vote present, either in person or by proxy at this meeting. The special meeting of stockholders therefore had no quorum and the meeting was adjourned to allow additional time for the Company's stockholders to vote on the proposals set forth in the Company's definitive proxy statement filed with the United States Securities and Exchange Commission (the "SEC") on August 18, 2025 (the "Proxy Statement"). The special meeting of stockholders will reconvene at 10:00 a.m. Pacific Time on Friday, September 26, 2025 in virtual format at www.proxydocs.com/PALI.
During the adjournment, the Company continues to solicit votes from its stockholders with respect to the proposals set forth in the Proxy Statement. As set forth in the Proxy Statement, the Company has engaged a proxy solicitor, Mediant Communications Inc. to assist management with obtaining adequate votes to achieve the required quorum of at least one-third of the outstanding shares entitled to vote.
Only stockholders of record, as of the record date, July 28, 2025 are entitled to and are being requested to vote. At the time the special meeting was adjourned, proxies had been submitted by stockholders representing approximately 28.34% of the shares of the Company's common stock outstanding and entitled to vote at the special meeting. Proxies previously submitted in respect of the special meeting will be voted at the adjourned special meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action.
The Company encourages all stockholders of record on July 28, 2025, whom have not yet voted, to do so by September 25, 2025 at 11:59 p.m. Pacific Time. Stockholders who have any questions or require any assistance with completing a proxy or voting instruction form or who do not have the required materials, may contact Mediant Communications Inc.; Toll-free: 1-888-715-3034, Monday through Friday, 9 a.m. to 6 p.m. Eastern Time.
If the number of additional shares of common stock voted at the adjourned special meeting is not sufficient to reach a quorum, the Company intends to adjourn the special meeting again, which will require the Company to incur additional costs.
About Palisade Bio
Palisade Bio is a clinical-stage biopharmaceutical company focused on developing and advancing novel therapeutics for patients living with autoimmune, inflammatory, and fibrotic diseases. The Company believes that by using a targeted approach with its novel therapeutics it will transform the treatment landscape. For more information, please go to www.palisadebio.com.
Investor Relations Contact
JTC Team, LLC
Jenene Thomas
908-824-0775
PALI@jtcir.com
