Exodus Rejects Alcobra's Delaying Tactics
Exodus Believes That Alcobra's Board Has Lost Shareholder Support and Is Acting in Violation of Israeli
Law by Trying to Delay the Inevitable at the Expense of All Shareholders
PR Newswire
RAMAT-GAN, Israel, April 12, 2017
RAMAT-GAN, Israel, April 12, 2017 /PRNewswire/ -- Exodus
Capital L.P., together with its affiliates, are the beneficial owners of approximately 17% of the outstanding shares of Alcobra
Ltd. (NASDAQ: ADHD") ("Alcobra" or the "Company") making us the Company's largest shareholder.
We reject Alcobra's reasoning for not convening an Extraordinary General Meeting of Shareholders (an "Extraordinary General
Meeting") per our valid initial request and demand that Alcobra convene an Extraordinary General Meeting. Declining our request
for an Extraordinary General Meeting is a clear violation of the Israeli Companies Law and Alcobra's own Articles of Association.
Moreover, it shows that the Board of Directors (the "Board") acknowledges that it does not have shareholder support. The
Extraordinary General Meeting is a democratic process in which shareholders are given a choice. If the Company is confident
shareholders would support its strategy, let them vote and have their say.
Without affecting our demand to the Company, we also seek to convene an independent general meeting by virtue of our authority
in accordance with Israeli Companies Law. Shareholders must be heard. Let us be clear, we will hold each and every one of the
Company's Board and management accountable for any damages caused to the Company and its shareholders.
Alcobra's management and the Board are acting against shareholders and causing significant financial damages to the Company.
If the Company would step out of its luxury offices and actually listen to their shareholders, they would hear the same clear
message – you failed and it is time for you to go.
CONTACT: info@broshcapital.co.il
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SOURCE Exodus Capital L.P.