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Subsequent Events | 6 Months Ended
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Sep. 30, 2024
Subsequent Events [Abstract] |
Subsequent Events | 13. Subsequent Events
a. | Adoption of Delaware Certificate of Incorporation and Bylaws
In connection with the consummation of the Domestication, on October 7, 2024, the Company adopted a Certificate of Incorporation (the “Charter”) and Bylaws (the “Bylaws”). The rights of holders of the Company’s common stock are now governed by the Charter, the Bylaws, and the General Corporation Law of the State of Delaware.
b. | Indemnification Agreements
In connection with the consummation of the Domestication and pursuant to the Company’s Charter, Bylaws and the DGCL, on October 7, 2024, the Company entered into indemnification agreements with each of the Company’s executive officers and directors providing for the indemnification of, and advancement of expenses to, each such person in connection with claims, suits or proceedings arising as a result of such person’s service as an officer or director of the Company.
c. | 2024 Equity Incentive Plan
At the Annual and Special Meeting of Shareholders on September 30, 2024, the Company’s stockholders approved the Acasti Pharma Inc 2024 Equity Incentive Plan (the “2024 Plan”) which became effective on the date of the Domestication. The 2024 Plan provides for the grant of awards of stock options, stock appreciation rights, restricted stock, restricted stock units, deferred stock units, unrestricted stock, dividend equivalent rights, performance-based awards and other equity-based awards to eligible persons as defined under the 2024 Plan. Any of these awards may, but need not, be made as performance incentives to reward the holders of such awards for the achievement of performance goals in accordance with the terms of the 2024 Plan. Stock options granted under the 2024 Plan may be non-qualified stock options or incentive stock options, as provided in the 2024 Plan. The 2024 Plan is administered by a committee designated from time to time, by resolution of the Company’s Board of Directors. The committee will also be responsible for determining, among others, the key terms of the awards including their grant dates, pricing, basis for fair value determination, vesting terms, restrictions, and terminations. There are 1,350,000 shares of common stock available for issuance under the 2024 Plan. No awards may be made under the Prior Plans. However, shares of common stock reserved under the Prior Plans to settle awards that were made under the Prior Plans prior to the Effective Date may be issued and delivered following the Effective Date to settle such awards. The 2024 Plan will terminate automatically ten years after the Effective Date and maybe terminated on any earlier date as provided by the 2024 Plan, provided the incentive stock options may not be granted under the 10th year anniversary of the Board’s adoption of the 2024 Plan.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2 + Details
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