CHF Solutions, Inc. Announces Adjournment of Annual Meeting of Stockholders
May 22 2020 - 4:30PM
CHF Solutions, Inc. (Nasdaq:CHFS) (“CHF Solutions”) today announced
that its 2020 Annual Meeting of Stockholders held on May 20, 2020
convened and then adjourned until June 19, 2020 2:00 p.m. US
Central Time at https://web.lumiagm.com/257409059 to solicit
additional proxies for Proposal 3, granting the Board of Directors
the discretion to implement a reverse stock split (“Proposal 3”).
The Board of Directors believes approval of Proposal 3 is in the
best interests of CHF Solutions and its stockholders because a
reverse stock split may be necessary to maintain the listing of CHF
Solutions’ common stock on the NASDAQ Capital Market (“Nasdaq”). A
delisting of the common stock from Nasdaq could significantly
impair CHF Solutions’ ability to raise additional capital, which
may be needed to operate its business; it could result in lower
prices for its common stock and larger spreads in the bid and ask
prices for the common stock; and it could impact a stockholders
ability to trade shares of common stock. Proposal 3 is described in
more detail in the company’s proxy statement, dated April 13, 2020
(the “Proxy Statement”), furnished to stockholders in connection
with the 2020 Annual Meeting. As stated in the Proxy Statement, CHF
Solutions only intends to implement the reverse stock split if
needed to maintain its listing on Nasdaq.
Stockholders have thus far strongly supported Proposal 3. At the
time of the meeting, approximately 56% of the shares that had been
voted on Proposal 3 had been voted in its favor. However, the
favorable votes were less than the absolute majority of all
outstanding shares needed for approval. Proposals 1, 2 and 4 were
approved at the Annual Meeting.
CHF Solutions encourages any stockholder that has not yet voted
its shares or is uncertain if their shares have been voted to
contact their broker or bank. The Board of Directors and management
respectfully requests stockholders as of the record date, April 6,
2020, to please vote their proxies as soon as possible, but no
later than June 18, 2020 at 11:59 p.m. (Eastern 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 the Company at ir@chf-solutions.com.
As described in the proxy statement, a stockholder may use one
of the following simple methods to vote with respect to Proposal
3:
- Vote by Internet: Go to the website www.voteproxy.com and
follow the on-screen instructions or scan the QR code with a
smartphone. The stockholder should have their proxy card available
when they access the page.
- Vote by Telephone: Please call the toll-free number listed on
the stockholder’s proxy card or voting instruction form and follow
the instructions provided.
- Vote by Mail: Mark, sign, date and return the stockholder’s
proxy card or voting instruction form and return it in the envelope
provided as soon as possible.
Votes must be received by 11:59 P.M. Eastern Time on June
18, 2020 to be counted. After this time, the only way to cast a
vote is at the adjourned Annual Meeting on June 19, 2020, 2:00 p.m.
US Central Time at https://web.lumiagm.com/257409059.
YOUR PARTICIPATION IS IMPORTANT – PLEASE
VOTE TODAY!
About CHF SolutionsCHF Solutions, Inc. (CHFS)
is a medical device company dedicated to changing the Lives of
patients suffering from fluid overload through science,
collaboration, and innovation. The company is focused on
developing, manufacturing and commercializing the Aquadex
SmartFlow™ system for ultrafiltration therapy. CHF Solutions is
headquartered in Minneapolis, Minn., with wholly-owned subsidiaries
in Australia and Ireland. The company has been listed on the Nasdaq
Capital Market since February 2012.
About the Aquadex SmartFlow SystemThe Aquadex
SmartFlow system delivers clinically proven therapy using a simple,
flexible and smart method of removing excess fluid from patients
suffering from hypervolemia (fluid overload). The Aquadex SmartFlow
system is indicated for temporary (up to 8 hours) or extended
(longer than 8 hours in patients who require hospitalization) use
in adult and pediatric patients weighing 20 kg or more whose fluid
overload is unresponsive to medical management, including
diuretics. All treatments must be administered by a health care
provider, within an outpatient or inpatient clinical setting, under
physician prescription, both having received training in
extracorporeal therapies.
Forward-Looking StatementsCertain statements in
this release may be considered forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, including without limitation, statements about the company’s
need to raise additional capital, the effect of stockholders not
approving Proposal 3 and the impact of delisting of the company’s
common stock. Forward-looking statements are predictions,
projections and other statements about future events that are based
on current expectations and assumptions and, as a result, are
subject to risks and uncertainties. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this release, including, without limitation, those
risk associated with our expectations regarding the potential
impacts of the COVID-19 pandemic on our business operations, our
ability to execute on our commercial strategy, the possibility that
we may be unable to raise sufficient funds necessary for our
anticipated operations, our post-market clinical data collection
activities, benefits of our products to patients, our expectations
with respect to product development and commercialization efforts,
our ability to increase market and physician acceptance of our
products, potentially competitive product offerings, intellectual
property protection, our ability to integrate acquired businesses,
our expectations regarding anticipated synergies with and benefits
from acquired businesses, and other risks and uncertainties
described in our filings with the SEC. Forward-looking statements
speak only as of the date when made. CHF Solutions does not assume
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Important InformationIn connection
with the solicitation of proxies, on April 13, 2020, CHF Solutions,
Inc. filed a definitive proxy statement with the Securities and
Exchange Commission (“SEC”) in connection with the company’s 2020
Annual Meeting. STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE
DEFINITIVE PROXY MATERIALS AND ANY OTHER RELEVANT SOLICITATION
MATERIALS FILED BY CHF SOLUTIONS, INC. WITH THE SEC BEFORE MAKING
ANY VOTING OR INVESTMENT DECISION BECAUSE THESE DOCUMENTS CONTAIN
IMPORTANT INFORMATION. The company’s proxy statement and any other
materials filed by the company with the SEC can be obtained free of
charge at the SEC’s web site at www.sec.gov. The company’s
proxy statement, notice of annual meeting, and annual report to
shareholders are available free of charge on the company’s Investor
Relations website at www.chfsolutions.com. All stockholders
may also write to the company at the following address to request
copies of these materials: CHF Solutions, Inc. 12988 Valley View
Road, Eden Prairie, Minnesota 55344 Attention: Corporate Secretary.
The contents of the websites referenced above are not deemed to be
incorporated by reference into the proxy statement.
CONTACTS
INVESTORS:
Claudia Napal Drayton
Chief Financial Officer, CHF Solutions, Inc.
952-345-4205
ir@chf-solutions.com
MEDIA:
Jessica Stebing
Health+Commerce
260-336-6202
jstebing@healthandcommerce.com
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