On December 22, 2024, China Pharma Holdings, Inc. (NYSE: CPHI) held its annual stockholders’ meeting for the fiscal year ended December 31, 2023. A quorum of more than one-third of the outstanding common stock was present, amounting to 52% of the total outstanding shares eligible to vote at the meeting.
Key decisions were made regarding the election of new directors, adoption of the Amendment No.2 to the Company’s Amended and Restated 2010 Long-Term Incentive Plan, amending the Company’s Articles of Incorporation to effect a reverse stock split, and the approval of executive officer compensation. Here is a recap of the voting results:
– Zhilin Li and Heung Mei Tsui were elected as non-independent directors for a three-year term, while Gene Michael Bennett, Yingwen Zhang, and Baowen Dong were elected as independent directors until the next annual meeting.
2. Adoption of Amendment No.2:
– The Amendment No.2 to the Company’s Amended and Restated 2010 Long-Term Incentive Plan was approved and adopted.
3. Amendment to Articles of Incorporation for Reverse Stock Split:
– Shareholders approved the amendment to the Articles of Incorporation to allow a reverse stock split at a ratio between 1:10 and 1:20.
4. Approval of Executive Officer Compensation:
– The compensation of the Company’s named executive officers was approved on an advisory and non-binding basis.
5. Frequency of Stockholder Advisory Votes:
– Conducting stockholder advisory votes on named executive officer compensation every three years was approved.
The Board of Directors retains discretion on implementing the reverse stock split despite shareholder approval. These decisions reflect China Pharma Holdings, Inc.’s commitment to governance transparency and shareholder value enhancement.
For further details on the voting outcomes and decisions made during the annual meeting, interested parties can refer to the Form 8-K filing submitted to the Securities and Exchange Commission on December 22, 2024.
This news comes following China Pharma Holdings, Inc.’s successful completion of its annual stockholders’ meeting, demonstrating a proactive approach to corporate governance and shareholder engagement.
Please note that all decisions are subject to regulatory approvals and compliance as applicable.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read China Pharma’s 8K filing here.
China Pharma Company Profile
China Pharma Holdings, Inc develops, manufactures, and markets generic and branded pharmaceutical, and biochemical products to hospitals and private retailers in the People’s Republic of China. The company provides products in the form of dry powder injectables, liquid injectables, tablets, capsules, and cephalosporin oral solutions.
