BiomX Inc. Announces Stockholder Approval for Conversion of Outstanding Series X Convertible Preferred Stock to Common Stock

Core Viewpoint - BiomX Inc. has received approval from its stockholders to convert its Series X Non-Voting Convertible Preferred Stock into common stock, which is expected to enhance its compliance with NYSE American listing requirements [1][2][5]. Group 1: Stockholder Vote and Conversion - The stockholder vote approved the conversion of BiomX's Series X Preferred Stock into common stock, allowing for the conversion of up to 256,887 shares into 256,887,000 shares of common stock [5]. - This conversion is a result of the financing associated with the acquisition of Adaptive Phage Therapeutics, Inc. and is expected to positively impact the company's balance sheet by classifying certain proceeds as stockholders' equity [2][5]. Group 2: Compliance with NYSE American - Following the stockholder vote, BiomX anticipates regaining compliance with NYSE American's requirement for listed companies to maintain stockholders' equity of at least $2 million [2]. - The company had previously been notified of non-compliance and submitted a plan to address this issue, awaiting acceptance from NYSE American [2]. Group 3: Company Overview and Future Prospects - BiomX is focused on developing novel phage therapies targeting pathogenic bacteria, with two advanced Phase 2 clinical candidates expected to have significant readouts in the coming year [6]. - The company utilizes its BOLT platform to customize phage compositions against proprietary bacterial targets, aiming to address chronic diseases with unmet medical needs [6].