Titan Pharmaceuticals Inc. recently announced a regulatory issue concerning the conversion of its preferred stock. On May 13, 2025, the company received a Notice of Conversion from The Sire Group Ltd. to convert 139,882 shares of Series AA Convertible Preferred Stock into common stock, resulting in the issuance of 150,087 shares. Similarly, Blue Harbour Asset Management L.L.C-FZ converted 79,773 shares of Series B Convertible Preferred Stock into 265,913 common shares. These transactions were exempt from registration under Section 4(a)(2) of the Securities Act of 1933 and were issued with a Rule 144 restrictive legend. The conversions are subject to limitations to prevent acquiring more than the permissible percentage of common stock under Nasdaq rules without shareholder approval.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.