Shares of Ocugen (NASDAQ: OCGN) were sinking 6.8% lower as of 11:05 a.m. EST on Tuesday after falling as much as 15.3% earlier in the day. The decline came after the biopharmaceutical company announced that it was canceling its stockholder meeting scheduled for Jan. 13.
While the cancellation of a stockholder meeting appears to have rattled some investors, it really isn’t a big deal — at least on the surface. Ocugen held its annual stockholder meeting on Dec. 23, 2020, but adjourned the meeting with the plan to reconvene tomorrow. The sole reason for reconvening was to hold a vote on increasing the number of shares authorized for issuance.