Benzinga | Jan 7, 2022 01:05PM EST

First Wave BioPharma Reports Adjournment Of Its Annual Meeting

First Wave BioPharma, Inc., (NASDAQ:FWBI), ("First Wave BioPharma" or the "Company"), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal (GI) diseases, today announced that it has further adjourned its Annual Meeting of Stockholders (the "Annual Meeting") in order to provide stockholders additional time within which to vote on all proposals, including Proposal 2 to approve an amendment to the Company's certificate of incorporation to increase the Company's authorized shares of common stock from 25,000,000 to 50,000,000.

The Company believes there is significant support for Proposal 2. At the time of the Annual Meeting, approximately 85% of the votes cast on Proposal 2 were voted in favor of its approval; however, because Proposal 2 must be approved by a majority of the outstanding shares of common stock, it has not yet received a sufficient number of votes in its favor. The Company's Board of Directors continues to believe that Proposal 2 is advisable and that it is in the best interests of the Company's stockholders to consider and act upon Proposal 2. Therefore, the Company adjourned the Annual Meeting.

The adjourned meeting will be held at 9:00 a.m. EST on January 14, 2022 at the following url: www.virtualshareholdermeeting.com/FWBI2021. The record date for the Annual Meeting is November 9, 2021.

Annual Meeting of Stockholders of First Wave BioPharma, Inc.

The adjourned meeting will be held at 9:00 a.m. EST on January 14, 2022 virtually at www.virtualshareholdermeeting.com/FWBI2021. The Board of Directors unanimously recommends that stockholders vote FOR all proposals on the agenda.

Stockholders may cast their vote live with a proxy specialist by calling toll free at 1-833-782-7196 between the hours of 9:00 a.m. and 10:00 p.m. EST, Monday through Friday.