First Wave BioPharma Announces Adjournment of Annual Meeting

Rhea-AI Summary

First Wave BioPharma (FWBI) announced the adjournment of its 2021 Annual Meeting of Stockholders to allow more time for voting on key proposals. Specifically, Proposal 2 aims to increase authorized shares from 25 million to 50 million. Currently, 83% of votes cast support this proposal, but it requires a majority of outstanding shares to pass. The adjourned meeting is set for January 7, 2022. The company continues to advocate for this proposal, deeming it in the best interests of stockholders.

Positive

• 83% of votes cast support Proposal 2 to increase authorized shares.

Negative

• Proposal 2 lacks majority approval from outstanding shares.

BOCA RATON, Fla., Dec. 17, 2021 (GLOBE NEWSWIRE) -- First Wave BioPharma, Inc., (NASDAQ:FWBI), (“First Wave BioPharma” or the “Company”), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that it has adjourned its 2021 Annual Meeting of Stockholders (the “Annual Meeting”) in order to provide stockholders additional time within which to vote on all proposals, including Proposal 2 to approve an amendment to the Company’s certificate of incorporation to increase the Company’s authorized shares of common stock from 25,000,000 to 50,000,000.

The Company believes there is significant support for Proposal 2. At the time of the Annual Meeting, approximately 83% of the votes cast on Proposal 2 were voted in favor of its approval; however, because Proposal 2 must be approved by a majority of the outstanding shares of common stock, it has not yet received a sufficient number of votes in its favor. The Company’s Board of Directors continues to believe that Proposal 2 is advisable and that it is in the best interests of the Company’s stockholders to consider and act upon Proposal 2. Therefore, the Company adjourned the Annual Meeting.

The adjourned meeting will be held at 9:00 a.m. EST on January 7, 2022 at the following url: www.virtualshareholdermeeting.com/FWBI2021. The record date for the Annual Meeting is November 9, 2021.

Annual Meeting of Stockholders of First Wave BioPharma, Inc.

The adjourned meeting will be held at 9:00 a.m. EST on January 7, 2022 virtually at www.virtualshareholdermeeting.com/FWBI2021. The Board of Directors unanimously recommends that stockholders vote FOR all proposals on the agenda.

Stockholders may cast their vote live with a proxy specialist by calling toll free at 1-833-782-7196 between the hours of 9:00 a.m. and 10:00 p.m. EST, Monday through Friday.

About First Wave BioPharma, Inc.

First Wave BioPharma is a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases. First Wave BioPharma is currently advancing a therapeutic development pipeline populated with multiple clinical stage programs built around its two proprietary technologies – niclosamide, an oral small molecule with anti-viral and anti-inflammatory properties, and the biologic adrulipase, a recombinant lipase enzyme designed to enable the digestion of fats and other nutrients. The Company’s niclosamide portfolio is led by two clinical programs in Phase 2 clinical trials: FW-COV, for COVID-19 gastrointestinal infections and FW-UP, for ulcerative proctitis (UP) and ulcerative proctosigmoiditis. Three additional indications of niclosamide, FW-ICI-AC, for Grade 1 and Grade 2 Immune Checkpoint Inhibitor-associated colitis and diarrhea in advanced oncology patients, FW-UC (ulcerative colitis) and FW-CD (Crohn’s disease) are expected to enter the clinic in 2022 and 2023. First Wave BioPharma is also advancing FW-EPI (adrulipase) for the treatment of exocrine pancreatic insufficiency (EPI) in patients with cystic fibrosis and chronic pancreatitis. The Company is headquartered in Boca Raton, Florida. For more information visit www.firstwavebio.com.

For more information:

First Wave BioPharma, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
info@azurrx.com

Media contact:
Tiberend Strategic Advisors, Inc.
Johanna Bennett / David Schemelia
(212) 375-2665 / (609) 468-9325
jbennett@tiberend.com / dschemelia@tiberend.com

FAQ

What is the reason for First Wave BioPharma's adjourned Annual Meeting?

The meeting was adjourned to allow more time for stockholders to vote on proposals, particularly Proposal 2.

When is the adjourned Annual Meeting of First Wave BioPharma scheduled?

The adjourned meeting will be held on January 7, 2022, at 9:00 a.m. EST.

What is Proposal 2 regarding First Wave BioPharma?

Proposal 2 seeks to amend the company's certificate of incorporation to increase the number of authorized shares from 25 million to 50 million.

What percentage of votes support Proposal 2 at the Annual Meeting?

Approximately 83% of the votes cast on Proposal 2 were in favor.

What does First Wave BioPharma specialize in?

The company specializes in developing targeted therapies for gastrointestinal diseases.