Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 55

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 1A
Chunk 55
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 price of less than $5.00 per
share, subject to certain exemptions. One such exemption is to be listed on Nasdaq. Therefore, if shares of our common stock were to
be delisted from Nasdaq, our securities could become subject to the SEC’s “penny stock” rules. These rules require,
among other things, that any broker engaging in a purchase or sale of our securities provide its customers with: (i) a risk disclosure
document, (ii) disclosure of market quotations, if any, (iii) disclosure of the compensation of the broker and its salespersons in the
transaction, and (iv) monthly account statements showing the market values of our securities held in the customer’s accounts. A
broker would be required to provide the bid and offer quotations and compensation information before effecting the transaction. This
information must be contained in the customer’s confirmation. Generally, brokers are less willing to effect transactions in penny
stocks due to these additional delivery requirements. These requirements may make it more difficult for shareholders to purchase or sell
the shares of our common stock. Since the broker, not us, prepares this information, we would not be able to assure that such information
is accurate, complete or current.

Some
provisions of Florida law and our amended and restated articles of incorporation and amended and restated bylaws may have anti-takeover
effects that could discourage an acquisition of us by others, even if an acquisition would be beneficial to our shareholders and may
prevent attempts by our shareholders to replace or remove our current management.

Our
status as a Florida corporation and the anti-takeover provisions of the Florida Business Corporation Act, which we sometimes refer to
as the FBCA, may discourage, delay or prevent a change in control even if a change in control would be beneficial to our shareholders.

The
control share acquisition statute, Section 607.0902 of the FBCA, generally provides that in the event a person acquires voting shares
of the company in excess of 20% of the voting power of all of our issued and outstanding shares, such acquired shares will not have any
voting rights unless such rights are restored by the holders of a majority of the votes of each class or series entitled to vote separately,
excluding shares held by the person acquiring the control shares or any of our officers or employees who are also directors of the company.
Certain acquisitions of shares are exempt from these rules, such as shares acquired pursuant to the laws of intestate succession or pursuant