GT Biopharma: ISS, Glass Lewis recommend shareholders vote for proposed items

GT Biopharma announced that independent proxy advisory firms, Institutional Shareholder Services Inc. and Glass Lewis & Co., have recommended GT Biopharma stockholders entitled to vote at the company’s 2023 Special Meeting of Stockholders to vote “FOR” Proposal items number 1 and 2. If approved, Proposal No. 1. will provide the company’s Board of Directors with the option to implement a reverse stock split of the company’s issued and outstanding common stock, if deemed necessary in the future, to maintain the company’s listing on the Nasdaq Capital Market. “We are pleased that both ISS and Glass Lewis, the leading independent proxy advisory firms, support our Board’s recommendation that stockholders vote “FOR” Proposal No. 1,” said Michael Breen, Executive Chairman and Interim CEO of GT Biopharma, Inc. “Each stockholder’s vote is important, so we strongly encourage each investor to follow the recommendations of ISS and Glass Lewis and vote “FOR” Proposal No. 1 as promptly as possible. Approval of Proposal No. 1 will provide the flexibility that will be essential, should we need to utilize this tool to maintain our Nasdaq listing. Confidence in our ability to maintain our Nasdaq listing will be an important complement to our ongoing efforts to enhance market awareness of the potential of our pipeline to improve the millions of lives and deliver value to our stockholders.”