- The stock price of Tenax Therapeutics (NASDAQ: TENX) increased by over 35% during intraday trading. This is why it happened.
The stock price of Tenax Therapeutics (NASDAQ: TENX) – a specialty pharmaceutical company focused on identifying, developing, and commercializing products that address cardiovascular and pulmonary diseases with high unmet medical need – increased by over 35% during intraday trading. Investors appear to be responding to the company announcing that
Ronald Blanck, D.O., Gregory Pepin, and Chris Rallis voluntarily agreeing to step down from the Board of Directors of Tenax Therapeutics, effective as of the Annual Meeting of Stockholders of Tenax, currently scheduled for June 10, 2021, retiring after years of service to the Board.
The retirements of Dr. Blanck, Pepin, and Rallis from the Board were voluntary decisions as part of a Board refreshment program. And this program included the onboarding of 4 new directors in the first quarter of calendar 2021, as previously announced by Tenax. Going forward, the Tenax Board will maintain 12 members until the Annual Meeting of Stockholders, which will then be reduced to nine members upon their retirement from the Board.
Dr. Blanck served on the Tenax Board since 2009 and as Chairman since 2011. And Gerald Proehl, who has served on the Tenax Board since April 2014, shall assume role of Chairman upon Dr. Blanck’s retirement from the Board. Pepin has served as a director since August 2009, and Mr. Rallis has served as a director since 2011.
“We would like to honor and thank Ron, Gregory and Chris for their stellar service to Tenax’s Board, its management and, most importantly, its shareholders. Each of them has contributed their invaluable experience and sound judgment in guiding the company through times of opportunity and challenge. Each has been integral to strategically positioning Tenax for continued success and shareholder value-creation.”
— Anthony DiTonno, Chief Executive Officer of Tenax Therapeutics
“I want to express my deep appreciation for their participation in and willingness to support our board refreshment program. In particular, we appreciate them agreeing to an overlapping time period of service with the new Board members to ensure continuity of strong, independent leadership as we focus on creating shareholder value.” Mr. Proehl continued, “Ron, Chris and Gregory provided important leadership since joining the Tenax board, resulting in a specialty pharmaceutical company with two late clinical stage products that may provide important treatment options for patients with cardiovascular diseases. I speak for the entire Tenax Board in thanking each of them for their dedication and years of service.”
— Gerald Proehl
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