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.
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