Buy It or Sell It? OpGen Inc (NASDAQ:OPGN)

OpGen Inc (NASDAQ:OPGN) is trading slightly lower in the pre-open session after a 12% jump in the past week.

Major Trigger:

OpGen Announces Partial Adjournment of Annual Meeting for Proposal 2 with All Other Proposals Passed

Key Highlights:

  • announced that the Company conducted its 2021 annual stockholders meeting (the “Annual Meeting”) and adjourned the meeting solely with respect to Proposal 2 set forth in its Definitive Proxy Statement (the “Proxy Statement”) filed with the Securities and Exchange Commission on April 26, 2021.
  • Proposal 2 is a proposal to amend the Amended and Restated Certificate of Incorporation in order to increase the number of shares of capital stock from 60,000,000 to 110,000,000 shares and the authorized number of shares of common stock from 50,000,000 shares to 100,000,000 shares. All other proposals were passed at the Annual Meeting with strong support from stockholders.
  • The Company has therefore adjourned the Annual Meeting solely with respect to Proposal 2 to provide its stockholders additional time to vote on Proposal 2. The Annual Meeting will resume with respect to Proposal 2 at 10:00 a.m. Eastern time on July 7, 2021 and will continue to be held at the Company’s offices located at 9717 Key West Ave, Suite 100, Rockville, MD 20850.*
  • The record date for determining stockholders eligible to vote at the Annual Meeting will remain the close of business on April 15, 2021. Of those OpGen stockholders, representing approximately 43% of all shares outstanding as of the record date, who have already voted on Proposal 2, more than two thirds have voted in favor of the proposal.

Key Quote:

Oliver Schacht, CEO of OpGen commented: “We are very encouraged by the number of stockholders that voted this year, with an overwhelming support of stockholders voting in favor of all proposals. In terms of Proposal 2, we need at least 66.67% of all of OpGen’s shares outstanding as of the record date to vote in favor of this proposal in order for it to pass.

Market Reaction

As of 8:16, OPGN is down 2.18% to $2.24 with 12.20K shares traded hands.

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