Alaunos Therapeutics Inc. (NASDAQ:TCRT) shares climbed 29.28% to $2.07 after the bell on Thursday following a Securities and Exchange Commission filing that showed the company approved and adopted its Second Amended and Restated By-Laws, effective immediately.
Bylaws Overhaul Lowers the Bar for Shareholder Votes
According to the filing, the adoption happened on Wednesday.
The new bylaws amend and restate the company’s prior Amended and Restated By-Laws, which had been adopted Jan. 8. Under this change, the quorum required for stockholder meetings drops to one-third of outstanding voting shares, down from a prior majority standard. The quorum needed for board and committee meetings remains a majority, unchanged from before.
For this, the Fort Lauderdale-based clinical-stage biotech’s board revised Article 2, Section 2.8 of its bylaws to make this change.
Why the Market Is Reacting
A lower quorum bar makes it structurally easier for Alaunos to hit the threshold required to conduct official stockholder votes.
Benzinga’s Take: This could smooth the path for future corporate actions, including financings, mergers, or other strategic votes requiring shareholder approval.
Trading Metrics, Technical Analysis
Alaunos has a market capitalization of approximately $4.06 million. Its stock has traded between a 52-week high of $4.59 and a 52-week low of $1.28.
TCRT has a Relative Strength Index (RSI) of 46.07.
Over the past 12 months, the small-cap stock has fallen 36%.
TCRT is currently positioned at about 9.7% of its 52-week range.
Price Action: The biotech stock closed Thursday’s regular session at $1.60, up 25%, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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