Matthew Herm's questions to iBio (IBIO) leadership • Q2 2022
Question
Matthew Herm of Matthew Herm LLC questioned the Board's recent resolutions to change shareholder voting requirements, asking if these changes were related to future plans for proposals like an increase in authorized shares or a reverse stock split.
Answer
CEO Tom Isett explained that the resolutions are a response to structural challenges and low voter turnout common among companies with large retail shareholder bases. He clarified that these issues make it difficult to achieve a quorum for annual meetings. Tom Isett confirmed the changes are intended to enable the company to conduct its business effectively and are related to putting iBio in a better position to pass proposals, such as the previously supported reverse split and share authorization increase, which failed due to insufficient vote count.