Adamis Pharmaceuticals Corporation (NASDAQ:ADMP) stock has gained around 60% in a month. The company issued a letter to shareholders urging them to re-elect five board members to help the company achieve its objectives. The company noted that Jerald A. Hammann, who holds 1,000 shares, threatens Adamis’s strategic objectives.
The letter alleges that Mr. Hammann, who has no public company experience, holds not industry experience, and doesn’t have an articulated plan, is trying to replace 80% of the company’s Board. As a result, the company urged shareholders not to be misled by Hammann’s efforts.
The company has announced that clinical startup activities have commenced evaluating the company’s investigational COVID-19 treatment, Tempol. Adamis is conducting the activities in collaboration with a large clinical organization. Activities that have commenced include database production, site identification and initiation, vendor management, and establishing an independent data safety monitoring board comprising infectious diseases specialists. In the coming months, ADMP is a stock to watch.
Market Reaction:
On Thursday, ADMP stock gained 1.80% to $1.12 with more than 6.65 million shares, compared to its average volume of 8.76 million shares. The stock has moved within a range of $ 1.0950 – 1.1500 after opening the trade at $1.14. Over the past 52-week, the stock has been trading within a range of $0.3800 – 2.3400.
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