JuSun
Ocugen Shares (NASDAQ:OCGN) hit a new 52-week high on above-average volumes on Thursday after the COVID-19 vaccine developer announced a change to its corporate charter to lower the quorum requirement.
25.2 million shares of Ocugen (OCGN) changed hands in comparison to the 65-day average of ~5.9 million, as the stock, a favorite during the pandemic, hit its highest level since December 2022.
The Malvern, Pennsylvania-based biotech company said in a regulatory filing Wednesday that, effective immediately, the quorum requirement for all of its shareholder meetings will be reduced to one-third of the voting power of its outstanding shares.
Previously, the company considered a majority of voting rights on outstanding shares to be a quorum requirement.
Additionally, Ocugen (OCGN) announced that Ramesh Kumar, who has served as a director on the board of directors since 2019, will not stand for re-election when his term expires at the company’s 2024 annual meeting.