Tivic Health expands equity incentive plan post-stockholder approval By Investing.com

FREMONT, CA – Tivic Health Systems Inc. (NASDAQ:TIVC), a company specializing in electromedical and electrotherapeutic apparatus, has announced the expansion of its equity incentive plan following approval from its stockholders. The decision came during the company’s annual meeting held on Thursday, where several key proposals were voted upon.

The amended and restated 2021 Equity Incentive Plan (A&R Plan), which replaces the original 2021 Equity Incentive Plan, increases the number of shares authorized for issuance from 92,376 to 1,000,000. It also removes several limitations, including those on the number of award shares that may be issued through incentive stock options and the cap on compensation for non-employee directors.

Stockholders also voted to elect two Class III directors, Jennifer Ernst and Sheryle Bolton, who will serve until the 2027 annual meeting or until their successors are appointed. Additionally, the appointment of Rosenberg Rich Baker Berman, P.A. as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified.

The annual meeting saw approximately 38.7% of the company’s common stock represented, with all proposals, including the potential adjournment of the meeting to solicit additional proxies, passing. However, the adjournment was not necessary as the proposals received sufficient support.

In other recent news, Tivic Health Systems Inc. has made significant strides in their operations. The company has terminated its Fulfillment Services Agreement with ALOM Technologies Corporation, a move that aligns with their strategy to reduce costs related to product manufacturing and distribution.

Tivic Health has transitioned to using alternative third-party logistics and storage services and has also developed in-house assembly and testing capabilities.

Additionally, Tivic Health has announced terms for a public offering aiming to raise approximately $4 million, which includes around 4.7 million shares of common stock, accompanied by Series A and Series B warrants for additional shares, each priced at $0.85. Maxim Group LLC is acting as the sole placement agent for this transaction.

Furthermore, Tivic Health has received a non-compliance notice from the Nasdaq Stock Market LLC due to its common stock closing bid price falling below $1.00 per share for 33 consecutive business days. Despite this, the company’s stock remains listed on the Nasdaq Capital Market and has been given until December 26, 2024, to meet the minimum bid price requirement.

Lastly, Tivic Health has welcomed Christina Valauri to its board of directors, effective July 1, 2024. Valauri brings over three decades of experience in capital markets and equity research, particularly within the healthcare sector. These are all recent developments within the company.

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