Thank you for standing by, and welcome to the Anebulo Pharmaceuticals meeting. I will now turn the call over to Richie Cunningham. Please go ahead.
Good afternoon and welcome, and thank you for joining us today. I am Richie Cunningham, CEO and Director of Anebulo Pharmaceuticals, and it is my pleasure to welcome you here today for our 2025 Annual Stockholders' Virtual Meeting. The current time is now 12:00 P.M. Eastern Standard Time on Friday, April 4, 2025, and this meeting is officially called to order. First, I would like to introduce the other members of the Board that's present today: Joseph Lawler, who is our Chairman and has served as one of our Directors since April 2020. Areta Kupchyk has served as one of our Directors since April 2021. Nathaniel Calloway has served as one of our Directors since October of 2022. And Bimal Shah, who has served as one of our Directors since October of 2023.
Now it's my pleasure to introduce our CFO, Dan George, who will act as Secretary of the Meeting. Dan?
Thanks, Richie. We are also joined here today by our independent auditors, and finally, American Election Services has been appointed as the Inspector of Elections, and a representative is attending the meeting electronically and has taken the oath of Inspector of Elections earlier today. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device. The Board of Directors fixed February 14, 2025, as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that the proxy statement and the 2024 Annual Report to Stockholders were mailed on or about March 6, 2025, to all stockholders as of the record date and will be incorporated into the minutes of this meeting.
The stockholder list shows that as of the record date, there were 41,084,731 shares of common stock outstanding. We are informed by the Inspector of Elections that there are represented in person or by proxy shares of common stock representing 28,595,489 votes, or approximately 69.6% of the voting power on the record date. Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transacting business. Now I'll present the matters to be voted upon as described in the proxy statement. Proposal One is for an approval of an amendment to the company's Certificate of Incorporation to provide for the declassification of the Board. Proposal Two is for the election of the Board's nominees: Joseph F. Lawler, Richard Anthony Cunningham, and Aron R.
English, to serve as Class I Directors for a term expiring at the fiscal 2028 Annual Meeting and until their successors are duly elected and qualified. Provided, however, that if the declassification proposal is approved by the stockholders, the terms of each of Joseph F. Lawler, Richard Anthony Cunningham, and Aron R. English, along with all other directors, will end with the Annual Meeting of Stockholders that is held after the filing of the declassification charter amendment, known as the Initial Declassified Annual Meeting. In commencing with the Initial Declassified Annual Meeting, all directors will stand for election for one-year terms. Proposal Three is for an approval of an amendment to the Certificate of Incorporation to increase the authorized number of shares of common stock from 50 million shares to 75 million shares.
Proposal Four is for an approval of an amendment to the Stock Incentive Plan to increase the number of shares of the common stock available for awards under the Stock Incentive Plan by 2.5 million shares. Proposal Five is to ratify the selection of the Audit Committee of the Board of EisnerAmper LLP as the independent registered public accounting firm of the company for its fiscal year ending June 30, 2025. And Proposal Six is to approve the removal of certain voting and transfer restrictions placed on 10,101,010 shares held by 22 NW Fund LP pursuant to a lock-up agreement.
It is now 12:04 P.M. Eastern Standard Time on Friday, April 4, 2025, and the polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. We'll now pause for a moment for final voting. Now that everyone has had the opportunity to vote, I now declare the polls for the 2025 Annual Stockholder Meeting closed.
We've been informed by the Inspector of Elections that the preliminary vote report shows that the amendment to the Certificate of Incorporation to allow for the declassification of the Board has been approved. Nominees for election to the Board have been duly elected. The amendment to the Certificate of Incorporation to increase the number of authorized shares of common stock has been approved. The amendment to the Stock Incentive Plan has been approved. The Audit Committee selection of the company's independent auditors has been ratified, and the removal of the voting restrictions placed on certain shares held by 22 NW Fund LP has been approved. We will be reporting the final vote results in a Form 8-K to be filed within four business days. With that, I turn the meeting over to Richie Cunningham, our CEO.
Thank you, Dan. There being no further business to come before the meeting and seeing that there are no questions in the queue, the 2025 annual meeting of stockholders of Anebulo Pharmaceuticals Inc. is now adjourned. Thank you all for your time today.
This concludes today's meeting. You may now disconnect.