Ocugen hits a 52-week high after decision to lower quorum requirement

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Shares of Ocugen (NASDAQ:OCGN) reached a new 52-week high on Thursday on above-average volumes after the COVID-19 vaccine developer announced an amendment to its company bylaws to lower its quorum requirement.

25.2M Ocugen (OCGN) shares have changed hands compared to the 65-day average of ~5.9M, as the stock, a favorite during the pandemic, reached the highest level since December 2022.

The Malvern, Pennsylvania-based biotech said in a regulatory filing on Wednesday that, effective immediately, the quorum required for all its stockholder meetings will be reduced to one-third of the voting power of its outstanding shares.

Previously, the company considered a majority of voting power of outstanding shares as its quorum requirement.

Additionally, Ocugen (OCGN) announced that Ramesh Kumar, who has served as a director on its board since 2019, will not stand for re-election when his term expires at the company’s 2024 annual meeting.

Harry Byrne

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