IGC Announces Results of its 2024 Annual Stockholders Meeting

Rhea-AI Summary

IGC Pharma (NYSE American: IGC) held its Annual Meeting of Stockholders on August 23, 2023, where all proposals disclosed in the Definitive Proxy Statement were approved. Key decisions include:

• Election of Richard Prins and Terry Lierman as Class B directors until the 2027 annual meeting
• Ratification of Manohar Chowdhry & Associates as the independent registered public accounting firm for fiscal year 2025
• Approval to grant 5,000,000 shares of common stock to current and new employees, advisors, directors, and consultants, subject to performance metrics set by the board or CEO

Only stockholders of record as of June 28, 2024, were eligible to vote at the meeting.

Positive

• Approval of all proposed items in the Annual Stockholders Meeting
• Appointment of new Class B directors until 2027
• Ratification of independent accounting firm for fiscal year 2025
• Authorization to grant 5,000,000 shares for employee and advisor incentives

Negative

• Potential dilution of existing shareholders due to the approval of 5,000,000 new shares for granting

POTOMAC, Md.--(BUSINESS WIRE)-- IGC Pharma, Inc. (“IGC” or the “Company”) (NYSE American: IGC) announces that during its Annual Meeting of Stockholders scheduled for and convened on August 23, 2023 (the “Annual Meeting”), all proposals as disclosed on the Definitive Proxy Statement on Schedule 14A filed with the SEC on July 8, 2024, were passed by the requisite vote of the stockholders. Only stockholders of record on the record date of June 28, 2024, were entitled to and requested to vote at the Annual Meeting.

At the Annual Meeting, all of the following proposals were approved by the requisite vote of the stockholders: (i) the election of Mr. Richard Prins and Mr. Terry Lierman to the Company’s board of directors to serve as Class B directors until the 2027 annual meeting of Stockholders; (ii) the proposal to ratify the appointment of Manohar Chowdhry & Associates as the Company’s independent registered public accounting firm for the 2025 fiscal year; and (iii) the grant of 5,000,000 shares of common stock to be granted from time to time to the Company’s current and new employees, advisors, directors, and consultants by the board of directors, pursuant to certain metrics including performance, vesting, and incentive as set by the board of directors and or the CEO.

About IGC Pharma (dba IGC):

IGC Pharma is an AI-powered, clinical-stage biotechnology company focused on developing innovative treatments for Alzheimer's disease and transforming patient care with fast-acting, safe, and effective solutions. Our portfolio includes the TGR family, including TGR-63, which targets amyloid plaques, a hallmark of Alzheimer's. The IGC-C and IGC-M platforms are advancing in preclinical studies, focusing on metabolic disorders, tau proteins, early plaque formation, and multiple disease hallmarks. Our lead therapeutic candidate, IGC-AD1, is a cannabinoid-based treatment currently in a Phase 2 trial for agitation in dementia associated with Alzheimer's (clinicaltrials.gov, NCT05543681). Interim data for IGC-AD1 demonstrated that it has the potential to transform patient care by offering faster-acting and more effective relief compared to traditional medications. Additionally, our AI models are designed to predict potential biomarkers for the early detection of Alzheimer's, optimize clinical trials, and predict receptor affinity, among others. With 28 patent filings and a commitment to innovation, IGC Pharma is dedicated to advancing pharmaceutical treatments and improving the lives of those affected by Alzheimer's and related conditions.

Forward-looking Statements

This press release contains forward-looking statements. These forward-looking statements are based largely on IGC Pharma's expectations and are subject to several risks and uncertainties, certain of which are beyond IGC Pharma's control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company's failure or inability to commercialize one or more of the Company's products or technologies, including the products or formulations described in this release, or failure to obtain regulatory approval for the products or formulations, where required, or government regulations affecting AI or the AI algorithms not working as intended or producing accurate predictions; general economic conditions that are less favorable than expected; the FDA's general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC Pharma's U.S. Securities and Exchange Commission ("SEC") filings. IGC incorporates by reference its Annual Report on Form 10-K filed with the SEC on June 24, 2024, and on Form 10-Q filed with the SEC on August 7, 2024, as if fully incorporated and restated herein. Considering these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240826027126/en/

IMS Investor Relations

Rosalyn Christian / Walter Frank

igc@imsinvestorrelations.com

(203) 972-9200

Source: IGC Pharma, Inc.

FAQ

When was IGC Pharma's 2024 Annual Stockholders Meeting held?

IGC Pharma's 2024 Annual Stockholders Meeting was held on August 23, 2023.

Who were elected as Class B directors for IGC (NYSE American: IGC)?

Mr. Richard Prins and Mr. Terry Lierman were elected as Class B directors for IGC until the 2027 annual meeting of Stockholders.

What accounting firm was ratified for IGC's 2025 fiscal year?

Manohar Chowdhry & Associates was ratified as IGC's independent registered public accounting firm for the 2025 fiscal year.

How many shares of common stock did IGC (NYSE American: IGC) approve for granting to employees and advisors?

IGC approved the grant of 5,000,000 shares of common stock to be granted to current and new employees, advisors, directors, and consultants.