Psychemedics Corporation Announces Results from Annual Meeting

Psychemedics Corporation (NASDAQ:PMD) recently held its annual meeting of stockholders, presenting the results of matters voted upon by security holders. The company’s definitive proxy statement, filed on October 18, 2024, provided detailed descriptions of each proposal.

The following key proposals were considered and approved by the stockholders:

1. Election of Directors:
– Stockholders re-elected five directors to the Company’s Board of Directors until the 2025 annual meeting.
– Votes were as follows:
– Robyn C. Davis: 3,719,463 for, 358,953 against, 34,673 abstain, 1,104,904 non-votes
– Brian Hullinger: 3,727,163 for, 351,202 against, 34,724 abstain, 1,104,904 non-votes
– Peter H. Kamin: 3,717,255 for, 384,797 against, 11,037 abstain, 1,104,904 non-votes
– Darius G. Nevin: 3,704,668 for, 373,763 against, 34,658 abstain, 1,104,904 non-votes
– Andrew M. Reynolds: 3,719,488 for, 358,943 against, 34,658 abstain, 1,104,904 non-votes

2. Advisory Vote on Executive Compensation:
– Stockholders approved the compensation of the named executive officers.

3. Ratification of Appointment of Independent Registered Public Accounting Firm:
– Ratification of Whitley Penn LLP as the independent registered public accounting firm for the year ending December 31, 2024.

4. Approval of Reverse Stock Split:
– Stockholders approved the amendment for a reverse stock split not less than 1-for-4,000 and not greater than 1-for-6,000.

5. Approval of Forward Stock Split:
– Stockholders approved an amendment for a forward stock split not less than 4,000-for-1 and not greater than 6,000-for-1.

6. Ratification of Stock Purchase Agreement:
– Stockholders ratified the terms and conditions of the Stock Purchase Agreement dated August 12, 2024.

The proposal to adjourn the Annual Meeting was considered moot following the above approvals. With these matters resolved, Psychemedics Corporation moves forward with clarity on these key issues as disclosed in their recent 8-K filing.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Psychemedics’s 8K filing here.

Psychemedics Company Profile

Psychemedics Corporation, together with its subsidiaries, engages in the provision of testing services for the detection of drugs of abuse and other health markers through the analysis of hair samples in the United States and internationally. It offers screening and confirmation by mass spectrometry using industry-accepted practices for cocaine, marijuana, and PCP; amphetamines, including ecstasy, eve, and Adderall; opioids, such as heroin metabolite, morphine, hydrocodone, hydromorphone, oxycodone, oxymorphone, and codeine; synthetic cannabinoids comprising K2, Spice, and Blaze; benzodiazepines consisting of Xanax, Valium, and Ativan; and nicotine, fentanyl and fentanyl analogs, and alcohol.