PharmAla Announces Voting Results of Annual General and Special Meeting of Shareholders and Provides Corporate Update

VANCOUVER, British Columbia, March 08, 2024 (GLOBE NEWSWIRE) -- PharmAla Biotech Holdings Inc. (“PharmAla” or the “Company”) (CSE: MDMA) (OTC:MDXXF), a biotechnology company focused on the research, development, and manufacturing of LaNeo MDMA and novel derivatives of MDMA (MDXX class molecules), is pleased to provide the following corporate updates.

Annual General and Special Meeting

The Company is pleased to announce the voting results from its annual general and special meeting of the shareholders of the Company (“Shareholders”) held on Tuesday, February 27, 2024 (the “Meeting”). Shareholders voted in favour of each resolution put forth at the Meeting.

At the Meeting, there were 3 Shareholders represented in person or by proxy holding 19,399,197 common shares in the capital of the Company (the “Common Shares”), representing 22.32% of the issued and outstanding Common Shares as at the record date for the Meeting. Each nominee listed in the Company’s management information circular dated January 19, 2024 (the “Circular”), was elected as a director of the Company.

“PharmAla continues to make the important choices necessary for the future of both our business, and the Psychedelic Pharmaceuticals sector more broadly,” said Jodi Butts, Board Chair, PharmAla Biotech. “We are grateful that PharmAla’s shareholders have agreed with management’s recommendations on a variety of timely corporate governance matters. The Board will continue to diligently perform our fiduciary duties on behalf of our Shareholders and we appreciate their support in this dynamic environment. We look forward to another exceptional year, which should bring a number of developments for the company as we get closer to the U.S. FDA’s priority review date for MDMA on August 11^th, 2024.”

In addition, at the Meeting, (i) Shareholders reappointed Clearhouse LLP, Chartered Professional Accountants, as the Company’s auditor for the ensuing year and authorized the audit committee of the board of directors of the Company (the “Board”) to fix their renumeration, (ii) Shareholders authorized a continuance of the Company from the Province of British Columbia to the Province of Ontario (the “Continuance”), (iii) Shareholders authorized the repeal and replacement of the existing articles of the Company and the adoption of a new general by-law upon completion of the Continuance, (iv) disinterested Shareholders ratified the adoption of the Company’s restricted share unit (“RSU”) plan dated May 11, 2023 (the “RSU Plan”) and the prior grant of 2,300,000 RSUs made on November 8, 2023 (the “Prior Grant”), and (v) disinterested Shareholders ratified the repeal and replacement of the Company’s stock option plan and RSU plans with the adoption of an equity inceptive plan for the Company (the “Equity Incentive Plan”), each as more particularly set forth in the Circular.