Polarityte Inc (NASDAQ:COOL) held the 2017 Special Meeting of the Stockholders or the Special Meeting on March 10, 2017. The Special Meeting unveiled a total of 3,369,498 shares of common stock among them shares of common stock as well as preferred stock.
During the meeting, the company’s stockholders ratified a number of proposals. They approved the securities issued to Dr. Denver Lough who owns 100% of all PolarityTE’s outstanding and issued shares of capital stock. Dr. Denver Lough bought the stock from Nevada Corporation through the Agreement andPlan of Reorganization of December 1, 2016 and amended on December 16, 2016. The amendment gives the company powers to take over intellectual properties from Nevada Corporation. This also included a consideration on the issuance of 7,050 shares of the E Preferred Stock which can be converted into 7,050,000 shares of the Company’s common stock.
The stockholders also approved a change in control that will result from the Merger Consideration with the seller (Nevada Corporation) in exchange for acquisition of Intellectual Property.
The stock holders also approved the Equity Incentive Plan for 2017 as well as a reservation of 3,450,000 shares of common stock.
Amendments on the company’s certificate of registration were also approved. The amendments were made to increase the company’s authorized number of shares from 10,000,000 shares to 25,000,000 shares.
The meeting ratified the issuance of 732,613 shares of common stock underlying outstanding shares of Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock and 4,251,067 shares of common stock.
PolarityTE, Inc which was formally called Majesco Entertainment Company specializes in provision of technology services. PolarityTE has produced, published, marketed and distributed through online platforms. The company is engaged in the development of applications for computer games game consoles and handheld devices. The company owns patent applications related to tissue engineering and regenerative medicine and software applications that are used in the detection and treatment regenerative medicine. The company plan to obtain approval from necessary authorities for its technology that is expected to use a patient’s tissue substrate for regeneration of skin, cartilage, bone, fat, muscle, nerves and blood vessels.