Acorda Therapeutics Appoints New Director and Presents Voting Results from Annual Meeting

Strategic Insights -

At its annual meeting on June 22, 2023, Acorda Therapeutics stockholders elected Thomas Burns to the company's Board of Directors, with his term set to expire at the 2026 annual meeting. Burns will receive compensation under the company's non-employee director compensation policy, including cash and an initial equity grant of 2,400 shares of common stock. The Board also appointed Burns as a member of its Audit Committee and Nominations and Governance Committee. Stockholders also ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm and approved the compensation of named executive officers in an advisory, non-binding vote.

Key Takeaways:

  • Thomas Burns was elected as a Class III director, with his term set to expire at the 2026 annual meeting, and will serve on the Audit Committee and Nominations and Governance Committee.
  • Burns will receive compensation under the company's non-employee director compensation policy, including cash and an initial equity grant of 2,400 shares of common stock.
  • The Board has determined that Burns is independent and has no material direct or indirect interest in a related party transaction that requires disclosure.
  • Stockholders ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm.
  • Stockholders approved the compensation of named executive officers in an advisory, non-binding vote.
  • The company will hold an advisory vote on named executive officer compensation every one year, consistent with the recommendation of the Board.
  • Acorda Therapeutics has a one-for-twenty reverse stock split of its outstanding common stock, which became effective on June 2, 2023.

Statistics:

  • 14,849,566 shares were represented by proxy, constituting a quorum on all matters voted upon at the annual meeting.
  • 5,653,845 shares approved the election of Thomas Burns as a director.
  • 8,887,411 shares approved the election of Ron Cohen, M.D. as a director.
  • 12,959,478 shares ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm.
  • 5,543,869 shares approved the compensation of named executive officers in an advisory, non-binding vote.
  • The company has 24,343,239 shares of common stock outstanding and entitled to vote at the annual meeting, after the one-for-twenty reverse stock split.

Sources:

  • SEC Filing: FORM 8-K (Current Report) filed by Acorda Therapeutics, Inc. on June 27, 2023, with the U.S. Securities and Exchange Commission.
  • Acorda Therapeutics' 2023 Proxy Statement, filed on April 27, 2023.