Files Special Meeting Proxy Material For any questions, please contact ProMIS’ proxy solicitation agent, Laurel Hill Advisory Group at 1-877-452-7184 (+1-416-304-0211 outside North America) or email assistance@laurelhill.com.
TORONTO and CAMBRIDGE, Mass., Oct. 21, 2021 (GLOBE NEWSWIRE) -- ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (the “Company”), a biotechnology company focused on the discovery and development of antibody therapeutics targeting toxic oligomers implicated in the development of neurodegenerative diseases, is pleased to announce that, further to its news release of October 7, 2021, it is filing today on SEDAR the management information circular for the special general meeting of shareholders (the “Special Meeting”) to be held on December 1, 2021.
Meeting Agenda
At the Special Meeting, the shareholders will be asked to consider, and if deemed advisable, pass a special resolution authorizing the Board of Directors (the “Board”) to determine, at its discretion, to file articles of amendment to consolidate the Common Shares of the Company within a range from a ratio of thirty pre-consolidation Common Shares to one post-consolidation Common Share up to a ratio of sixty pre-consolidation Common Shares for one post-consolidated Common Share.
United States Stock Exchange Listing
Subject to shareholder approval, the Board intends to proceed with the share consolidation in furtherance of a listing of the Company’s shares on a stock exchange in the United States. Eugene Williams, the Company's Executive Chairman, adds that "The Board believes a listing on a stock exchange in the United States, in addition to potentially providing greater liquidity for our shareholders, should provide greater access to capital to help expedite the development of our potential therapies, including notably our lead program PMN310 for Alzheimer’s disease and the process of obtaining clinical validation of such potential therapies.”
The Company anticipates that the share consolidation may also result in certain additional benefits as a result of a higher post-consolidation market price for its Common Shares, including:
- enhancing the Company’s comparability against its peers on per share metrics;
- increasing the pool of investors to include those whose internal investment policies may prohibit or discourage them from purchasing stocks trading below a certain minimum price; and
- increasing analyst and broker interest as policies governing analysts and brokers may discourage following or recommending issuers with lower stock prices.
Any authority proposed to be granted to the Board to consolidate the shares is conditional upon the prior approval of the Toronto Stock Exchange (TSX). Notwithstanding approval of the resolution by shareholders and the TSX, the Board will retain the discretion to elect not to proceed with the share consolidation. Further, there can be no assurances that such a US listing will occur following either shareholder approval, TSX approval, the implementation of a consolidation of the shares or otherwise. Further, no assurance can be given that the Company will meet the quantitative or qualitative requirements to list on a stock exchange in the United States.
The full particulars of the special business are set out in the management information circular for the Special Meeting, which has been filed on SEDAR, is being sent to shareholders and can be found on the Company’s website at https://promisneurosciences.com/special-meeting-of-shareholders/.
Shareholder Information and Questions
Shareholders who have questions about the management information circular, or require assistance with voting their shares can contact the Company’s proxy solicitation agent, Laurel Hill Advisory Group:
Laurel Hill Advisory Group
North America Toll Free: 1-877-452-7184
Outside North America: 1-416-304-0211
Email: assistance@laurelhill.com
About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development stage biotechnology company focused on discovering and developing antibody therapeutics selectively targeting toxic oligomers implicated in the development and progression of neurodegenerative diseases, in particular Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s proprietary target discovery engine is based on the use of two complementary techniques. The Company applies its thermodynamic, computational discovery platform—ProMIS™ and Collective Coordinates—to predict novel targets, known as Disease Specific Epitopes, on the molecular surface of misfolded proteins. Using this unique approach, the Company is developing novel antibody therapeutics for AD, ALS and PD. ProMIS is headquartered in Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS is listed on the Toronto Stock Exchange under the symbol PMN, and on the OTCQB Venture Market under the symbol ARFXF.
For further information about ProMIS Neurosciences, please consult the Company’s website at: www.promisneurosciences.com
https://www.globenewswire.com/news-release/2021/10/21/2318196/0/en/ProMIS-Neurosciences-Files-Special-Meeting-Proxy-Material.html