Cocrystal Pharma Inc (OTCBB:COCP), following approval of its shareholders, filed an amendment to ‘Certificate of Incorporation’ with the State of Delaware. As per the new amendment, the number of COCP authorized shares of common stock was increased to 8 billion from 2 billion.
As per the conditions of the Certificate of Designation related to the “Series A” and the Certificate of Incorporation related to the “Series B”, instantly upon filing and without opposition, the Series A was turned into almost 3.4 billion shares of common stock. Also, the Series B was translated into approximately 2.05 billion shares of common stock. After the conversion, there were no outstanding shares of either Series A or Series B.
On March 3, the shareholders of Cocrystal Pharma approved the amendment to its certificate of incorporation under which the authorized common stock was increased to 8 billion. The approval required the confirmatory vote of a majority of the power of each of the Cocrystal’s holders of Series B and Series A.
As of the record January 5, the outstanding voting power comprised of almost 1.22 billion shares of common stock, and approximately 3.4 billion and 2.05 billion shares issuable upon conversion of the Series A and Series B, respectively. The votes in favor and against were 83 million and 3 million respectively. The abstentions figure stood at 565, 471.
The number game
Cocrystal’s financial performance isn’t that impressive, especially compared to other biotech firms. The company completed its merger with RFS Pharma in FY2014. However, it has failed to achieve the strong results after the merger.
As per the last report, Cocrystal Pharma Inc (OTCBB:COCP) reported cash of almost $3.1 million. It posted revenue of $121,000, and the loss from operations came higher at $6 million. The current assets of Cocrystal stood $6 million while current liabilities came at $8.6 million.