Shoulder Innovations Inc. has announced amendments to its bylaws following the closing of its initial public offering. Key changes include fixing the authorized number of common stock shares at 730 million, eliminating references to previously existing preferred stock, and authorizing 20 million shares of undesignated preferred stock. The amendments also establish a classified board with staggered three-year terms, set procedures for stockholder proposals and director nominations, and designate exclusive legal forums for certain claims. Additionally, stockholders can no longer take action by written consent, and directors can be removed only for cause with a two-thirds vote.
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