Aileron Therapeutics’ Shareholders Approve Major Stock Proposals

The latest update is out from Aileron Therapeutics Inc (ALRN).

At the 2023 Annual Meeting, shareholders of the company decisively passed several key proposals, notably the increase of authorized common stock from 45 million to 100 million shares and the approval of the conversion of Series X Non-Voting Convertible Preferred Stock into common stock. Additionally, stockholders elected three Class III directors, expanded the 2021 Stock Incentive Plan by 3 million shares, endorsed executive compensation plans, and chose to hold future compensation votes annually. The appointment of Marcum LLP as the independent auditor was also ratified. Post-meeting, the company anticipates a conversion of preferred stock, which will significantly increase the number of common shares, subject to ownership limitations.

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