CRANBURY, N.J., July 8, 2021 /PRNewswire/ -- Palatin
Technologies, Inc. ("Palatin") (NYSE American: PTN) announced that
its 2021 Annual Meeting of Stockholders that convened on
June 8, 2021 and was adjourned to
July 8, 2021, has been adjourned
until August 6, 2021 at 9:00 a.m. Eastern Daylight Time to allow Palatin
to solicit additional proxies for Proposal 3, approval of an
amendment to our Certificate of Incorporation to effect an increase
in authorized common stock from 300,000,000 shares to 400,000,000
shares.
"We have seen significant stockholder support for Proposal 3,
with 96.3 million or approximately 71% of shares voted in favor,
and 39.8 million or approximately 29% voting not to approve,"
stated Stephen T. Wills, Palatin's
chief financial officer and chief operating officer. "However, the
favorable votes were less than the absolute majority of all
outstanding shares, which is required for approval of this
proposal. With greater than a 2.4 ratio of yes votes to no
votes, we are listening to our shareholders by adjourning this
meeting to allow additional time for shareholders to vote."
The Board of Directors believes approval of Proposal 3 is in the
best interests of Palatin and its stockholders. Both leading
independent shareholders voting advisory groups (ISS and Glass
Lewis) have recommended that shareholders vote FOR Proposal 3.
Palatin does not have any current plans to offer any additional
stock in the foreseeable future, even if the proposal passes. The
Company needs to have access to capital to ensure it has sufficient
funds to advance its development programs and execute on its
business plan and take advantage of any strategic opportunities
that may arise, all of which that could result in an increase to
shareholder value. Proposal 3 is described in more detail in
Palatin's proxy statement dated April 26,
2021, furnished to stockholders in connection with the 2021
Annual Meeting.
The adjourned meeting will be a completely "virtual" meeting of
stockholders, and stockholders will be able to listen and
participate in the virtual annual meeting as well as vote and
submit your questions during the live webcast of the meeting by
visiting http://www.virtualshareholdermeeting.com/PTN2021 and
entering the 16–digit control number included in your Notice
Regarding the Availability of Proxy Materials, on your proxy card
or in the instructions that accompanied your proxy materials.
Palatin encourages any stockholder that has not yet voted its
shares on Proposal 3 or is uncertain if their shares have been
voted on Proposal 3 to contact their broker or bank. The Board of
Directors and management requests stockholders as of the record
date, April 13, 2021, to please vote
their proxies as soon as possible, but no later than August 5, 2021, at 11:59
p.m. (Eastern Daylight Time). Stockholders who have
previously submitted their proxy or otherwise voted for the annual
meeting and who do not want to change their vote need not take any
action. For questions relating to the voting of shares or to
request additional or misplaced proxy voting materials, please
contact Palatin's proxy advisory group at
melissacarlson@allianceadvisors.com.
As described in the proxy statement, a stockholder may use one
of the following simple methods to vote before the August 6, 2021, adjourned meeting with respect to
Proposal 3:
- By Internet – www.proxyvote.com. If you have Internet
access, you may transmit your voting instructions up until
11:59 p.m., Eastern Daylight Time,
the day before the adjourned meeting date, that is, August 5, 2021. Go to www.proxyvote.com. You must
have your proxy card or Notice in hand when you access the web site
and follow the instructions to obtain your records and to create an
electronic voting instruction form.
- By telephone – 1-800-690-6903. You may vote using any
touch-tone telephone to transmit your voting instructions up until
11:59 p.m., Eastern Daylight Time,
the day before the meeting date, that is, August 5, 2021. Call 1-800-690-6903 toll free.
You must have your proxy card or Notice in hand when you call this
number and then follow the instructions.
- By mail – Mark, sign and date your proxy card and return
it in the postage-paid envelope we have provided.
Votes must be received by 11:59 P.M.
Eastern Daylight Time on August 5,
2021, to be counted. After this time, the only way to cast a
vote is at the adjourned Annual Meeting on August 6, 2021, 9:00 a.m.
Eastern Daylight Time at
http://www.virtualshareholdermeeting.com/PTN2021.
About Palatin
Palatin is a biopharmaceutical company developing first-in-class
medicines based on molecules that modulate the activity of the
melanocortin and natriuretic peptide receptor systems, with
targeted, receptor-specific product candidates for the treatment of
diseases with significant unmet medical need and commercial
potential. Palatin's strategy is to develop products and then form
marketing collaborations with industry leaders to maximize their
commercial potential. For additional information regarding Palatin,
please visit Palatin's website at www.palatin.com.
Forward-looking Statements
Statements in this press release that are not historical facts,
including statements about future expectations of Palatin, such as
statements about the need to for stockholders to approve Proposal
3, are "forward-looking statements" within the meaning of Section
27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934 and as that term is defined in the Private
Securities Litigation Reform Act of 1995. Palatin intends that such
forward-looking statements be subject to the safe harbors created
thereby. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors that could cause Palatin's
actual results to be materially different from its historical
results or from any results expressed or implied by such
forward-looking statements. Palatin's actual results may differ
materially from those discussed in the forward-looking statements
for reasons including, but not limited to, sales of Vyleesi in
the United States and elsewhere in
the world, results of clinical trials, regulatory actions by the
FDA and other regulatory and the need for regulatory approvals,
Palatin's ability to fund development of its technology and
establish and successfully complete clinical trials, the length of
time and cost required to complete clinical trials and submit
applications for regulatory approvals, products developed by
competing pharmaceutical, biopharmaceutical and biotechnology
companies, commercial acceptance of Palatin's products, and other
factors discussed in Palatin's periodic filings with the Securities
and Exchange Commission. Palatin is not responsible for updating
for events that occur after the date of this press release.
Important Information
In connection with the solicitation of proxies, on April 26, 2021, Palatin filed a definitive proxy
statement with the Securities and Exchange Commission ("SEC") in
connection with Palatin's 2021 Annual Meeting. STOCKHOLDERS ARE
STRONGLY ADVISED TO READ THE DEFINITIVE PROXY MATERIALS AND ANY
OTHER RELEVANT SOLICITATION MATERIALS FILED BY PALATIN
TECHNOLOGIES, INC. WITH THE SEC BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT
INFORMATION. Palatin's proxy statement and any other materials
filed by Palatin with the SEC can be obtained free of charge at the
SEC's web site at www.sec.gov. Palatin's proxy statement, notice of
annual meeting, and annual report to shareholders are available
free of charge on Palatin's website at www.palatin.com. The
contents of the websites referenced above are not deemed to be
incorporated by reference into the proxy statement.
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SOURCE Palatin Technologies, Inc.