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IGC Announces Results of its 2024 Annual Stockholders Meeting

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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.

IGC Pharma (NYSE American: IGC) ha tenuto la sua Assemblea Annuale degli Azionisti il 23 agosto 2023, durante la quale sono state approvate tutte le proposte divulgate nella Dichiarazione Definitiva di Rappresentanza. Le decisioni chiave includono:

  • Elezione di Richard Prins e Terry Lierman come direttori di Classe B fino all'assemblea annuale del 2027
  • Ratifica di Manohar Chowdhry & Associates come società di contabilità pubblica indipendente registrata per l'anno fiscale 2025
  • Approvazione per concedere 5.000.000 azioni di azioni ordinarie a dipendenti attuali e nuovi, consulenti, direttori e consulenti, soggetto a metriche di performance stabilite dal consiglio o dal CEO

Solo gli azionisti registrati al 28 giugno 2024 erano idonei a votare durante l'incontro.

IGC Pharma (NYSE American: IGC) celebró su Asamblea Anual de Accionistas el 23 de agosto de 2023, donde se aprobaron todas las propuestas divulgadas en la Declaración Definitiva de Poderes. Las decisiones clave incluyen:

  • Elección de Richard Prins y Terry Lierman como directores de Clase B hasta la asamblea anual de 2027
  • Ratificación de Manohar Chowdhry & Associates como la firma de contabilidad pública independiente registrada para el año fiscal 2025
  • Aprobación para otorgar 5,000,000 acciones de acciones ordinarias a empleados actuales y nuevos, asesores, directores y consultores, sujeto a métricas de rendimiento establecidas por la junta o el CEO

Solo los accionistas registrados hasta el 28 de junio de 2024 eran elegibles para votar en la reunión.

IGC Pharma (NYSE American: IGC)는 2023년 8월 23일 주주 총회를 열었으며, 그곳에서 최종 위임장에 공표된 모든 안건이 승인되었습니다. 주요 결정 사항은 다음과 같습니다:

  • Richard PrinsTerry Lierman를 2027년 연례 총회까지 B 클래스 이사로 선출
  • 2025 회계 연도에 대한 독립 등록 공인 회계법인으로 Manohar Chowdhry & Associates를 승인
  • 현재 및 신규 직원, 자문위원, 이사 및 컨설턴트에게 성과 기준에 따라 5,000,000 주의 보통주를 부여하기로 승인

2024년 6월 28일 현재 주주로 등록된 사람만이 회의에서 투표할 수 있는 자격이 있었습니다.

IGC Pharma (NYSE American: IGC) a tenu son Assemblée Annuelle des Actionnaires le 23 août 2023, où toutes les propositions divulguées dans la Déclaration de Pouvoirs Définitive ont été approuvées. Les décisions clés incluent :

  • Élection de Richard Prins et Terry Lierman en tant que directeurs de Classe B jusqu'à l'assemblée annuelle de 2027
  • Ratification de Manohar Chowdhry & Associates en tant que cabinet de comptabilité publique indépendant enregistré pour l'année fiscale 2025
  • Approbation pour accorder 5.000.000 actions ordinaires à des employés actuels et nouveaux, des conseillers, des directeurs et des consultants, sous réserve de critères de performance établis par le conseil ou le PDG

Seuls les actionnaires inscrits au 28 juin 2024 étaient éligibles pour voter lors de la réunion.

IGC Pharma (NYSE American: IGC) hielt am 23. August 2023 die Jahreshauptversammlung der Aktionäre ab, bei der alle im endgültigen Proxydokument veröffentlichten Vorschläge genehmigt wurden. Wichtige Entscheidungen umfassen:

  • Wahl von Richard Prins und Terry Lierman als Direktoren der Klasse B bis zur Jahreshauptversammlung 2027
  • Bestätigung von Manohar Chowdhry & Associates als der unabhängigen, registrierten Wirtschaftsprüfungsgesellschaft für das Geschäftsjahr 2025
  • Genehmigung zur Vergabe von 5.000.000 Aktien an aktuelle und neue Mitarbeiter, Berater, Direktoren und Consultants, abhängig von den vom Vorstand oder CEO festgelegten Leistungskennzahlen

Nur Aktionäre, die bis zum 28. Juni 2024 eingetragen sind, waren berechtigt, auf der Versammlung abzustimmen.

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.

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.

IGC Pharma, Inc.

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