Biofrontera Inc
For the period ended Apr 30, 2025. Filed Apr 30, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 30, 2025 · Filed Apr 30, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION
PROXY STATEMENT
PURSUANT TO SECTION 14(a) OF THE
SECURITIES EXCHANGE ACT OF 1934
Filed by the Registrant ☒
Filed by a Party other than the Registrant ☐
Check the appropriate box:
| ☐ | Preliminary Proxy Statement |
|---|---|
| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |
| ☒ | Definitive Proxy Statement |
| ☐ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant to Section 240.14a-12 |
BIOFRONTERA INC.
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (check the appropriate box):
| ☒ | No fee required. |
|---|---|
| ☐ | Fee paid previously with preliminary materials. |
| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |
120 Presidential Way, Suite 330
Woburn, Massachusetts 01801
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Be Held on June 12, 2025
Dear Stockholder of Biofrontera Inc.:
NOTICE IS HEREBY GIVEN that the 2025 Annual Meeting of Stockholders (the “Meeting”) of Biofrontera Inc., a Delaware corporation (the “Company”), will be held on June 12, 2025, at 10:00 a.m., Eastern Time. The meeting will be completely virtual and will be conducted solely online via live webcast. There will not be a physical location for the Meeting.
You will be able to attend the Meeting virtually and to vote and submit questions prior to and during the Meeting by visiting meetnow.global/M4T9RH6 and entering the 16-digit control number provided in the Notice of Internet Availability of Proxy Materials (or proxy card, if you requested and received a physical copy of the proxy materials).
At the Meeting, stockholders will be asked to vote on the following matters:
| (1) | the election of one Class I director to our Board of Directors to serve until the 2028 annual meeting of stockholders and until his successor has been duly elected and qualified, or until his earlier death, resignation or removal; |
| (2) | an amendment to our Amended and Restated Certificate of Incorporation, to increase the number of authorized shares of our common stock from 35,000,000 to 70,000,000 (the “Share Increase Proposal”); |
| (3) | a proposal to adjourn the Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Share Increase Proposal (the “Adjournment Proposal”); |
| (4) | ratification of the appointment of CBIZ CPAs P.C. as our independent registered public accounting firm for the year ending December 31, 2025; and |
| (5) | such other business as may properly come before the Meeting or any adjournment or postponement thereof. |
The matters listed above are described in detail in the accompanying Proxy Statement. The Board of Directors has fixed the close of business on April 22, 2025 as the record date for determining the stockholders who are entitled to notice of and to vote at the Meeting or any adjournment or postponement. The list of stockholders of record as of the record date will be made available for inspection at the Meeting and will also be available for inspection during the ten days preceding the Meeting at the Company’s offices located at 120 Presidential Way, Suite 330, Woburn, Massachusetts 01801. We are distributing proxy materials online rather than mailing printed copies, as it allows us to expedite delivery to our stockholders through a lower cost, more environmentally responsible method. You will not receive printed copies unless you request them by following the instructions contained in the Notice of Internet Availability of Proxy Materials that you previously received.
YOUR VOTE IS IMPORTANT. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, PLEASE PROVIDE TO US YOUR VOTING INSTRUCTIONS IN ONE OF THE FOLLOWING WAYS AS PROMPTLY AS POSSIBLE:
By internet or telephone. To vote your shares via the internet, go to www.investorvote.com/BFRI to complete an electronic proxy card. If you vote by telephone, call 1-800-652-8683 in the United States, U.S. territories and Canada and follow the instructions. You will be asked to provide the Company number and 16-digit control number from the Notice of Internet Availability of Proxy Materials (or proxy card, if you requested and received a physical copy of the proxy materials).
By mail. If you requested and received a paper copy of a proxy card by mail, you may vote by mail. To have your shares voted using the proxy card, simply complete, sign and date the enclosed proxy card and return it promptly in the envelope provided.
On behalf of the Board of Directors and the employees of Biofrontera Inc., we thank you for your continued support.
| Prof. Hermann Luebbert, Ph.D. | E. Fred Leffler, III |
|---|---|
| Chief Executive Officer & Chairman | Chief Financial Officer |
April 30, 2025
IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 12, 2025: THE COMPANY’S PROXY MATERIALS AND ANNUAL REPORT ARE AVAILABLE AT http://www.edocumentview.com/BFRI.
120 Presidential Way, Suite 330
Woburn, Massachusetts 01801
PROXY STATEMENT
For the 2025 Annual Meeting of Stockholders to be held on June 12, 2025
The Company is providing this Proxy Statement in connection with the solicitation by its Board of Directors of proxies to be voted at the 2025 Annual Meeting, to be held on June 12, 2025, at 10:00 a.m., Eastern Time, in a virtual-only format, and any adjournment or postponement.
Only stockholders as of the record date of April 22, 2025 may attend the Meeting. At the close of business on the record date, we had outstanding 9,446,197 shares of our common stock, par value $0.001 per share (the “Common Stock”), representing a total of 9,446,197 votes entitled to be cast at the Meeting, and 9,724 shares of our preferred stock, par value $0.001 per share (the “Preferred Stock”), representing a total of 499,468 votes entitled to be cast at the Meeting. We made our proxy materials available to stockholders on or about May 2, 2025. Our proxy materials include the Notice of the Annual Meeting, this Proxy Statement, and the proxy card. These proxy materials, other than the proxy card, which is available only with the printed materials, along with our Annual Report on Form 10-K for the year ended December 31, 2024, can be accessed at http://www.edocumentview.com/BFRI.
You are invited to attend the Meeting to vote on the proposals described in this Proxy Statement. However, you do not need to attend the Meeting to vote your shares. Instead, you may simply follow the instructions below to vote. The matters to be acted on are stated in the accompanying Notice of Annual Meeting of Stockholders. The Board of Directors knows of no other business that will come before the Meeting.
TABLE OF CONTENTS
| QUESTIONS AND ANSWERS | 1 |
|---|---|
| BOARD OF DIRECTORS AND CORPORATE GOVERNANCE | 7 |
| EXECUTIVE OFFICERS | 13 |
| EXECUTIVE COMPENSATION | 14 |
| DIRECTOR COMPENSATION | 19 |
| PROPOSAL NO. 1 – ELECTION OF CLASS I DIRECTOR | 20 |
| PROPOSAL NO. 2 –SHARE INCREASE PROPOSAL | 21 |
| PROPOSAL NO. 3 –ADJOURNMENT PROPOSAL | 24 |
| PROPOSAL NO. 4 – RATIFICATION OF AUDITOR | 25 |
| AUDIT COMMITTEE REPORT | 28 |
| CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS | 29 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 31 |
| OTHER MATTERS | 32 |
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