Protalix BioTherapeutics Amends Bylaws in Major Decision

Protalix BioTherapeutics, listed under the NYSE:PLX, announced a significant change following the approval and adoption of an amendment and restatement of its bylaws on December 27, 2024. The decision was reached unanimously by the company’s Board of Directors.

The revised Bylaws, effective immediately, encompass several key modifications. Among them are amendments to stockholders’ criteria for calling special meetings. Specifically, the requisite aggregate beneficial ownership needed for stockholders to call special meetings increased from 10% to 25% of all votes. Time frames for fixing the meeting date and setting meeting dates were also extended. Additionally, procedural enhancements and disclosure requirements for special meetings were enhanced.

The amendments also address matters surrounding business proposals and director nominations at stockholder meetings. Furthermore, the Bylaws were adjusted to accommodate the universal proxy rule under Rule 14a-9 of the Securities Exchange Act of 1934. Notably, provisions permitting stockholders to act by written consent were removed. The amended Bylaws established exclusive forums for litigation related to corporate and securities matters.

While the summary of the amended Bylaws provides an overview, the complete text is available in Exhibit 3.1 of the Current Report on Form 8-K filed by Protalix BioTherapeutics.

Investors and stakeholders await the impact of these bylaw changes on the company’s governance framework and decision-making processes. The modifications’ potential influence on stockholder interactions and corporate proceedings remains a focal point for market analysts and industry observers.

The 8-K filing helped shed light on Protalix BioTherapeutics’ strategic shift, marking a crucial development in the organization’s operational landscape. The extent of these amendments’ operational and structural implications will likely unfold over the upcoming periods, offering a nuanced understanding of their significance within the company’s governance structure.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Protalix BioTherapeutics’s 8K filing here.

About Protalix BioTherapeutics

Protalix BioTherapeutics, Inc, a biopharmaceutical company, engages in the development, production, and commercialization of recombinant therapeutic proteins based on its proprietary ProCellEx plant cell-based protein expression system in the United States, Australia, Canada, Israel, Brazil, Russia, Turkey, and internationally.