Acurx Pharmaceuticals has lowered the number of shares that must be represented for shareholders to conduct business at a meeting. The change, approved by the board and effective October 29, reduces the general quorum threshold from a majority of voting shares to one-third.
- New threshold: A quorum is now one-third of the voting power of shares outstanding and entitled to vote, represented in person, by proxy or—where available—by remote participation.
- Separate class votes: If a matter requires a separate vote by a class or series of shares, one-third of the voting power of that class or series must be represented to take action on that matter.
- Exceptions remain: The lower threshold does not apply where a different requirement is imposed by law, the company’s certificate of incorporation or its bylaws.
The practical change is that shareholder meetings can generally conduct business with fewer shares represented than before.