PRE 14A

PRE 14A 1 itrm-20251223.htm PRE 14A PRE 14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No. )


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 under §240.14a-12

Iterum Therapeutics plc

(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 all boxes that apply):


☒	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

PRELIMINARY COPY – Subject to Completion

, 2025

Dear Shareholder,

You are cordially invited to an Extraordinary General Meeting of Shareholders (the "EGM") of Iterum Therapeutics plc (the "Company", "we" or "us") to be held at 25 North Wall Quay, Dublin 1, Ireland on , 2026 at 3.00 p.m., Irish time (10.00 a.m., Eastern Time) to consider the proposals set forth below.

The purpose of the EGM is to ask shareholders to:

approve an increase in the authorized share capital of the Company from $1,800,000 to $2,300,000 by the creation of an additional 50,000,000 ordinary shares (the "authorized share capital increase proposal");

if the authorized share capital increase proposal (Proposal No. 1) is approved, grant the board of directors an updated authority under Irish law to allot and issue shares, warrants, convertible instruments and options (the "directors’ allotment authority proposal");

if the directors’ allotment authority proposal (Proposal No. 2) is approved, to grant the board of directors an updated authority under Irish law to issue shares (including rights to acquire shares) for cash without first offering those shares to existing shareholders under pre-emptive rights that would otherwise apply to the issuance (the "pre-emption rights opt-out proposal", together with the authorized share capital increase proposal and the directors’ allotment authority proposal, the "Share Allotment Proposals");

approve, subject to and conditional upon the board of directors determining, in its sole discretion, that a reverse share split is necessary for the Company to comply with the minimum $1.00 per share requirement pursuant to Nasdaq Listing Rule 5550(a)(2) (the "Bid Price Rule"), a reverse share split (i.e., a consolidation of share capital under Irish law) (the "Reverse Share Split"), whereby such number of authorized and unissued and authorized and issued shares in the capital of the Company as the board of directors of the Company may determine that is not less than 10 ordinary shares and not more than 15 ordinary shares be consolidated into one ordinary share of such nominal value as is proportionate to the determined consolidation ratio, which nominal value shall not be less than $0.10 each (nominal value) and not more than $0.15 each (nominal value), and the subsequent reduction in the nominal value of the ordinary shares in the authorized and unissued and authorized and issued share capital of the Company from the aforementioned nominal value (as reflects the share consolidation ratio chosen by the board of directors) to $0.01 each, with our board of directors able to elect to abandon such proposed amendments and not effect the Reverse Share Split authorized by shareholders, in its sole discretion (the "Reverse Share Split Proposal"); and

consider any other business properly brought before the EGM or any adjournment or postponement thereof.

As described in the accompanying proxy statement, the Share Allotment Proposals are needed to give the Company the opportunity to raise funds via sales of the Company’s ordinary shares to continue to fund the commercialization of ORLYNVAH™ in the United States and potentially continue to grow the commercial infrastructure currently supporting such commercialization. Failure to obtain approval of the Share Allotment Proposals will restrict the Company’s ability to raise additional capital, and the Company’s operations, financial condition and ability to continue as a going concern may be materially and adversely affected, which would likely result in a bankruptcy, liquidation, dissolution, wind-down of operations or similar proceeding or outcome in which shareholders would be unlikely to receive any meaningful distribution or return on their investment.

As further described in the accompanying proxy statement, the Reverse Share Split Proposal would provide flexibility to the board of directors to effect a Reverse Share Split as necessary to regain compliance with the Bid Price Rule. Failure to obtain approval of the Reverse Share Split Proposal likely will ultimately result in the ordinary shares of the Company being delisted from the Nasdaq Capital Market, which would hinder the Company’s ability to raise necessary funding and which may materially and adversely affect the Company’s ability to continue as a going concern, likely resulting in a bankruptcy, liquidation, dissolution, wind-down of operations or similar proceeding or outcome in which shareholders would be unlikely to receive any meaningful distribution or return on their investment.

The enclosed Notice of EGM and the accompanying proxy statement set forth more details on the proposals that will be presented at the meeting. Our board of directors unanimously recommends a vote “FOR” Proposal Nos. 1 through 4 as set forth in the proxy statement.

We hope that you will participate in the meeting by voting through acceptable means as described in this proxy statement as promptly as possible. Your vote is important – so please exercise your right.

Sincerely,

____________________________

Corey N. Fishman

President and Chief Executive Officer

This proxy statement and the enclosed proxy card are being made available to shareholders on or about , 2025.

PRELIMINARY COPY – Subject to Completion

ITERUM THERAPEUTICS PLC

25 North Wall Quay

Dublin 1

Ireland

NOTICE OF EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

to be held on , 2025

An Extraordinary General Meeting of Shareholders (the "EGM") of Iterum Therapeutics plc, an Irish public limited company (the "Company", "Iterum", "we" or "us"), will be held on , 2026, beginning at 3.00 p.m., Irish time (10.00 a.m., Eastern Time), at 25 North Wall Quay, Dublin 1, Ireland to consider and act upon the following matters:

if the authorized share capital increase proposal (Proposal No. 1) is approved, to grant the board of directors an updated authority under Irish law to allot and issue shares, warrants, convertible instruments and options (the "directors’ allotment authority proposal");

to conduct any other business properly brought before the EGM or any adjournment or postponement thereof.

Proposal Nos. 1, 2 and 4 are ordinary resolutions requiring a simple majority of the votes cast at the meeting to be approved. Proposal No. 3 is a special resolution requiring at least 75% of the votes cast at the meeting to be approved. Each proposal is more fully described in this proxy statement.

Shareholders of record at the close of business on , 2025. will be entitled to notice of and to vote at the EGM or any adjournment or postponement thereof. Instead of mailing a printed copy of our proxy materials to all of our shareholders, we provide access to these materials to many of our shareholders via the Internet, in accordance with rules adopted by the Securities and Exchange Commission.

If you only received a Notice of Internet Availability of Proxy Materials (“Notice”), by mail or e-mail, you will not receive a paper copy of the proxy materials unless you request one. Instead, the Notice will provide you with instructions on how to access and view the proxy materials on the Internet. The Notice will also instruct you as to how you may access your proxy card to vote online or by telephone. If you received a Notice by mail or e-mail and would like to receive a paper copy of our proxy materials, free of charge, please follow the instructions included in the Notice. The Notice is being mailed to our shareholders on or about , 2025 and sent by e-mail to our shareholders who have opted for such means of delivery on or about , 2025.

By order of the Board of Directors,

_________________________

Kevin Dalton

Senior Director, Legal Affairs and Secretary

Dublin, Ireland

, 2025

YOU MAY OBTAIN ADMISSION TO THE EGM BY IDENTIFYING YOURSELF AT THE EGM AS A SHAREHOLDER AS OF THE RECORD DATE. IF YOU ARE A RECORD OWNER, POSSESSION OF A COPY OF A PROXY CARD WILL BE ADEQUATE IDENTIFICATION. IF YOU ARE A BENEFICIAL (BUT NOT RECORD) OWNER, A “LEGAL PROXY” OR A COPY OF AN ACCOUNT STATEMENT FROM YOUR BANK, BROKER OR OTHER NOMINEE SHOWING SHARES HELD FOR YOUR BENEFIT ON

, 2025 WILL BE ADEQUATE IDENTIFICATION.

WHETHER OR NOT YOU EXPECT TO ATTEND THE EGM, PLEASE SUBMIT YOUR VOTING INSTRUCTIONS VIA THE INTERNET OR BY TELEPHONE BY FOLLOWING THE INSTRUCTIONS SET FORTH ON THE ENCLOSED PROXY CARD OR, BY COMPLETING, DATING AND SIGNING THE ENCLOSED PROXY CARD AND MAILING IT PROMPTLY IN THE PROVIDED ENVELOPE. TO HELP ENSURE REPRESENTATION OF YOUR SHARES AT THE EGM, NO POSTAGE NEED BE AFFIXED IF THE PROXY CARD IS MAILED IN THE UNITED STATES.

A SHAREHOLDER ENTITLED TO ATTEND AND VOTE AT THE EGM IS ENTITLED, USING THE PROXY CARD PROVIDED (OR IN THE FORM IN SECTION 184 OF THE IRISH COMPANIES ACT 2014), TO APPOINT ONE OR MORE PROXIES TO ATTEND, SPEAK AND VOTE INSTEAD OF HIM OR HER AT THE EGM. A PROXY NEED NOT BE A SHAREHOLDER OF RECORD.

iii

TABLE OF CONTENTS


	Page
Information about the Extraordinary General Meeting and Voting	2
Share Ownership of Certain Beneficial Owners and Management	4
Matter to be Voted On	5
Other Matters	21
APPENDIX A	22
APPENDIX B	64

PRELIMINARY COPY – Subject to Completion

ITERUM THERAPEUTICS PLC

25 North Wall Quay

Dublin 1

Ireland

PROXY STATEMENT FOR THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

TO BE HELD ON , 2026 AT 25 North Wall Quay, Dublin 1, IRELAND

Important Notice Regarding the Availability of Proxy Materials

for an Extraordinary General Meeting of Shareholders

to be held on , 2026

This proxy statement is available at

https://central.proxyvote.com/pv/web

for viewing, downloading and printing.

This proxy statement as filed with the Securities and Exchange Commission (“SEC”) and the proxy card will be made available on or about , 2025, to holders of record as of the close of business on , 2025.

INFORMATION ABOUT THE Extraordinary General Meeting and voting

This proxy statement is furnished in connection with the solicitation of proxies by the board of directors (the “board of directors”) of Iterum Therapeutics plc (the “Company,” “Iterum”, “we” or “us”) for use at an Extraordinary General Meeting of Shareholders (the “EGM”) to be held on , 2026, beginning at 3.00 p.m., Irish time (10.00 a.m., Eastern Time), at 25 North Wall Quay, Dublin 1, Ireland and at any adjournment or postponement thereof. On , 2025, the record date for the determination of shareholders entitled to vote at the EGM, there were issued, outstanding and entitled to vote an aggregate of ordinary shares, nominal value $0.01 per share (“ordinary shares”). Each ordinary share entitles the record holder thereof to one vote on each of the matters to be voted on at the EGM.

Your vote is important no matter how many shares you own. Please read the instructions below and take the time to vote. Choose the voting method that is easiest and most convenient for you and cast your vote as soon as possible.

If you are the “record holder” of your shares, meaning that you own your shares in your own name and not through a bank, broker or other nominee, you may vote in one of four ways:

(1)

You may vote over the Internet. You may vote your shares by following the “Online” instructions on the enclosed proxy card. If you vote over the Internet, you do not need to vote by telephone or complete and mail your proxy card. The internet voting facilities for eligible shareholders of record will close at 4.59 a.m., Irish time on , 2026 (11.59 pm, Eastern Time on , 2026).