Athersys Postpones Annual Meeting of Stockholders
June 09 2022 - 6:00AM
Business Wire
Annual Meeting of Stockholders rescheduled to
Thursday, July 28, 2022, 8:30 a.m. ET
Athersys, Inc. (Nasdaq: ATHX) today announced the postponement
of its Annual Meeting of Stockholders, initially scheduled for
Wednesday, June 15, 2022, at 8:30 a.m. ET. The Annual Meeting is
now scheduled for Thursday, July 28, 2022, at 8:30 a.m. ET. The
Annual Meeting will still be completely virtual. The record date
for the meeting has changed to June 9, 2022.
The postponement of the Annual Meeting is intended to provide
additional time for the Company to add a proposal to authorize
Athersys’ Board of Directors, if in the Board’s judgment it is
necessary, to select and file an amendment to the Company’s
certificate of incorporation, as amended, to effect a reverse stock
split of the Company’s common stock, at a ratio to be determined at
the discretion of the Board. On March 18, 2022, the Company
received a written notice from the Listing Qualifications
Department of The Nasdaq Stock Market LLC that the Company was not
in compliance with the requirement to maintain a minimum closing
bid price of $1.00 per share, as set forth in Nasdaq Listing Rule
5550(a)(2), because the closing bid price of the Company’s common
stock was below $1.00 per share for 30 consecutive business days.
The Notice provided that the Company has until September 14, 2022
to regain compliance with the bid price requirement. The Company
believes that being able to effect a reverse stock split is in the
best interests of Athersys and its stockholders by allowing the
Company more flexibility to, among other things, potentially
improve the marketability and liquidity of its common stock and
avoid the possibility of non-compliance with the listing
requirements of The Nasdaq Stock Market LLC, which will allow
management to focus on executing its business strategy.
In addition, the Company will ask stockholders to consider and
vote to approve a revised slate of director nominees. On June 6,
2022, the Athersys Board of Directors determined that, considering
the recent restructuring of the Company, a reduced Board size was
in the best interest of the Company and its stockholders, and the
Board reduced the size of the Board to five members, effective as
of the Annual Meeting on July 28, 2022. The Board also approved
that the directors would receive stock options in lieu of cash
compensation retainers beginning in the fourth quarter of 2022.
Athersys will, as promptly as practicable, distribute to its
stockholders of record a revised proxy statement for the Annual
Meeting.
About Athersys
Athersys is a biotechnology company engaged in the discovery and
development of therapeutic product candidates designed to extend
and enhance the quality of human life. The Company is developing
its MultiStem® cell therapy product, a patented, adult-derived
“off-the-shelf” stem cell product, initially for disease
indications in the neurological, inflammatory and immune,
cardiovascular and other critical care indications and has several
ongoing clinical trials evaluating this potential regenerative
medicine product. Athersys has forged strategic partnerships and a
broad network of collaborations to further advance MultiStem cell
therapy toward commercialization. Investors and others should note
that we may post information about the Company on our website at
www.athersys.com and/or on our accounts on Twitter, Facebook,
LinkedIn or other social media platforms. It is possible that the
postings could include information deemed to be material
information. Therefore, we encourage investors, the media and
others interested in the Company to review the information we post
on our website at www.athersys.com and on our social media
accounts. Follow Athersys on Twitter at www.twitter.com/athersys.
Information that we may post about the Company on our website
and/or on our accounts on Twitter, Facebook, LinkedIn or other
social media platforms may contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that involve risks and uncertainties. You should not place
undue reliance on forward-looking statements contained on our
website and/or on our accounts on Twitter, Facebook, LinkedIn or
other social media platforms, and we undertake no obligation to
publicly update forward-looking statements, whether as a result of
new information, future events or otherwise.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. These forward-looking
statements relate to, among other things, the effectiveness of a
reverse stock split to maintain a minimum closing bid price of
$1.00 per share of our common stock, as set forth in Nasdaq Listing
Rule 5550(a)(2); expected reductions of operating expenses; and our
future financial performance, including the marketability and
liquidity of our common stock. We have attempted to identify
forward-looking statements by using such words as “anticipates,”
“believes,” “can,” “continue,” “could,” “estimates,” “expects,”
“intends,” “may,” “plans,” “potential,” “should,” “suggest,” “will”
or other similar expressions. These forward-looking statements are
only predictions and are largely based on our current expectations.
A number of known and unknown risks, uncertainties and other
factors could affect the accuracy of these statements. Some of the
more significant known risks that we face are mentioned elsewhere
in our Annual Report on Form 10-K for the year ended December 31,
2021 under Item 1A, “Risk Factors” and our other filings with the
SEC. You should not place undue reliance on forward-looking
statements, and we undertake no obligation to publicly update
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220609005185/en/
Ivor Macleod Chief Financial Officer Tel: (216) 431-9900
ir@athersys.com
Karen Hunady Director of Corporate Communications and Investor
Relations Tel: (216) 431-9900 khunady@athersys.com
David Schull Russo Partners, LLC Tel: (212) 845-4271 or (858)
717-2310 David.schull@russopartnersllc.com
Peter Vozzo ICR Westwicke Tel: (443) 213-0505
peter.vozzo@westwicke.com
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