Sernova Announces Voting Results from its Annual and Special General Meeting of Shareholders

Rhea-AI Summary

Sernova Corp. (TSX: SVA, OTCQB: SEOVF, FSE/XETRA: PSH) announced the results of its annual and special general meeting held virtually on January 10, 2025. A total of 74,190,067 common shares were voted, representing 22.8% of all outstanding shares as of November 12, 2024.

Key resolutions approved include the election of six directors: Tanya Lewis (99.6% for), Bernd Muehlenweg (99.7% for), David Paterson (99.4% for), Jonathan Rigby (99.4% for), Steven Sangha (99.4% for), and Ross Haghighat (99.5% for). KPMG LLP was appointed as auditors until the next annual meeting. Other approved resolutions include the continuance as a British Columbia , adoption of new articles, alteration of the share structure to add unlimited Preferred Shares, and an increase in the maximum number of common shares reserved for stock option grants to 50,000,000.

A conditional grant of 5,500,000 options was also approved for officers under the Option Plan. Jonathan Rigby, Sernova’s President and CEO, expressed gratitude for the shareholders' support, emphasizing the company's strengthened management team, new corporate branding, and reinvigorated corporate culture.

Positive

• Approval of key resolutions including the election of six directors and appointment of KPMG LLP as auditors.
• Increase in the maximum number of common shares reserved for stock option grants to 50,000,000.
• Conditional grant of 5,500,000 options to officers under the Option Plan.

Negative

• Only 22.8% of outstanding shares were voted, indicating a low participation rate.

LONDON, Ontario and BOSTON, Jan. 13, 2025 (GLOBE NEWSWIRE) -- Sernova Corp. (TSX: SVA) (OTCQB: SEOVF) (FSE/XETRA: PSH), a leading regenerative medicine company focused on developing its Cell Pouch bio-hybrid organ as a functional cure for type 1 diabetes, today announced results from its annual and special general meeting of shareholders (the “Meeting”) held virtually via live audio webcast on January 10, 2025. At the Meeting, a total of 74,190,067 common shares were voted, representing 22.8% of the votes attached to all outstanding common shares as of the record date November 12, 2024.

The following resolutions were approved at the Meeting:

• Election of the following six directors:

	Director	For	% "For"		Against	% "Against"
	Tanya Lewis	68,614,307	99.6%		298,244	0.4%
	Bernd Muehlenweg	68,717,307	99.7%		195,244	0.3%
	David Paterson	68,520,254	99.4%		392,297	0.6%
	Jonathan Rigby	68,515,054	99.4%		397,497	0.6%
	Steven Sangha	68,511,254	99.4%		401,297	0.6%
	Ross Haghighat	68,579,754	99.5%		332,797	0.5%

• Appointment of KPMG LLP, as auditors of the Company until the next annual meeting
  
• The continuance of the Corporation as a British Columbia corporation to be governed by the provisions of the Business Corporations Act (British Columbia), the adoption of New Articles, and the alteration of the Corporation’s authorized share structure to add an unlimited number of Preferred Shares
  
• Increase in the fixed maximum number of common shares of the Corporation to be reserved for issuance upon exercise of stock option grants to 50,000,000 pursuant to the stock option plan
  
• Conditional grant of an aggregate of 5,500,000 Options to officers of the Corporation under the Option Plan.
  

“The Board of Directors is pleased with the support clearly demonstrated by our shareholders,” said Jonathan Rigby, Sernova’s President and CEO. “We believe this is a new era for Sernova that is now reflected in our strengthened management team and Board, as well as our newly released corporate branding and reinvigorated corporate culture. We thank our shareholders for their confident support.”

ABOUT SERNOVA CORP

Sernova Corp. is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem cells to create a bio-hybrid organ. A bio-hybrid organ refers to a medical device designed to be implanted into the human body, where it integrates with existing living tissue to replicate or enhance the function of a natural organ, essentially aiming to restore normal organ function by combining living cells with non-living materials to mimic the properties of the original organ and seamlessly interact with surrounding tissues. This innovative approach aims to deliver a potentially revolutionary treatment for patients with chronic diseases, initially focusing on type 1 diabetes and thyroid disorders.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Burke VP, Investor Relations (917) 751-5713 Email: David.Burke@sernova.com Website: https://sernova.com/

The TSX has not reviewed this news release and does not accept responsibility for the accuracy or adequacy of this news release.

FAQ

What were the key resolutions approved at Sernova's 2025 annual meeting?

Key resolutions included the election of six directors, appointment of KPMG LLP as auditors, continuance as a British Columbia , adoption of new articles, alteration of share structure, and an increase in the maximum number of common shares for stock option grants.

How many common shares were voted at Sernova's 2025 annual meeting?

A total of 74,190,067 common shares were voted, representing 22.8% of all outstanding shares.

Who were elected as directors at Sernova's 2025 annual meeting?

The elected directors were Tanya Lewis, Bernd Muehlenweg, David Paterson, Jonathan Rigby, Steven Sangha, and Ross Haghighat.

What changes were made to Sernova's stock option plan?

The maximum number of common shares reserved for stock option grants was increased to 50,000,000, and a conditional grant of 5,500,000 options was approved for officers.

What is the significance of Sernova continuing as a British Columbia ?

The continuance as a British Columbia allows Sernova to be governed by the Business Corporations Act (British Columbia), aligning with its operational and regulatory strategies.