iBio Announces Partial Adjournment of Annual Meeting to December 22
December 10 2021 - 8:30AM
iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a
developer of next-generation biopharmaceuticals and pioneer of the
sustainable,
plant-based
FastPharming Manufacturing
System®, today announced that its annual meeting of
stockholders (the "Annual Meeting") scheduled for and convened
yesterday has been partially adjourned to December 22, 2021 at 9:00
a.m. Eastern Time.
A quorum was present at yesterday’s Annual
Meeting, and Proposals 1 (election of directors), 2 (appointment of
auditors) and 3 (Say-on-Pay) put forth in the definitive proxy
statement received the requisite votes for approval. The Company’s
stockholders also approved Proposal 6 (adjournment of the Annual
Meeting) for the purpose of continuing to solicit votes in favor of
Proposal 4 (reverse stock split) and Proposal 5 (authorized share
decrease).
With over 60% of all shares voted, iBio
stockholders are in favor of the reverse split and authorized share
decrease by approximately a 2-to-1 margin. Results of votes cast
“FOR” Proposals 4 and 5 to-date are 64% and 67%, respectively.
Additionally, both of the leading proxy advisory firms (Glass Lewis
and ISS) have recommended that stockholders vote “FOR” the
proposals. With a clear plurality of the vote in favor of the
proposals and strong, independent third-party support for the
reverse split and authorized share decrease, the Company is
allowing additional time for stockholders holding approximately 40%
of the shares that have yet to be voted the opportunity to express
their views. Proposals 4 and 5 require a majority of all shares
outstanding to vote “FOR” the measures, not just a plurality of the
vote.
“Our goal is to enable as many stockholders as
possible to exercise their right to vote,” said Tom Isett, iBio’s
Chairman and CEO, “The hurdle is high; securing affirmative votes
from a majority of the outstanding shares entitled to vote.
However, so are the stakes; the ability to complete our
transformation and grow the Company. Given that a sizeable
majority of shareholders who have already voted support
these two proposals, we intend to continue our efforts to pass
these measures so that we can execute iBio’s growth strategy and
bring the benefits of FastPharming to customers
and patients, while returning value to our loyal stockholders.
Therefore, in order to save the
company further solicitation costs and
provide greater certainty, it is important that all
shareholders vote as soon as possible. You can
easily vote your shares by contacting Okapi Partners
at 1-844-203-3605.”
If you have already voted your shares
FOR Proposals 4 and 5, you do not need to vote again, and we thank
you for your support. If you did not vote at all, abstained from
voting for, or voted against with respect to the proposals, we
kindly ask you to vote, or to reconsider your vote.
For additional information on the
Proposals, please see our Shareholder Vote
FAQ.
About iBio, Inc.
iBio is a developer of next-generation
biopharmaceuticals and a pioneer in sustainable, plant-based
biologics manufacturing.
Its FastPharming System® combines vertical
farming, automated hydroponics, and novel glycosylation
technologies to rapidly deliver high-quality monoclonal antibodies,
antigens, and other proteins. iBio is developing proprietary
biopharmaceuticals for the treatment of cancers, as well as
fibrotic and infectious diseases. The Company’s wholly-owned
subsidiary, iBio CDMO LLC, provides FastPharming
Contract Development and Manufacturing Services along with
Glycaneering Development Services™ for advanced
recombinant protein design. For more information,
visit www.ibioinc.com.
Forward-Looking Statements
Certain statements in this press release
constitute "forward-looking statements" within the meaning of the
federal securities laws. Words such as "may," "might," "will,"
"should," "believe," "expect," "anticipate," "estimate,"
"continue," "predict," "forecast," "project," "plan," "intend" or
similar expressions, or statements regarding intent, belief, or
current expectations, are forward-looking statements. These
forward-looking statements are based upon current estimates and
assumptions and include statements regarding the anticipated
effects of stockholder approval of matters to be voted on at iBio’s
2021 annual meeting of stockholders (the "Annual Meeting"). While
the Company believes these forward-looking statements are
reasonable, undue reliance should not be placed on any such
forward-looking statements, which are based on information
available to us on the date of this release. These forward-looking
statements are subject to various risks and uncertainties, many of
which are difficult to predict that could cause actual results to
differ materially from current expectations and assumptions from
those set forth or implied by any forward-looking statements.
Important factors that could cause actual results to differ
materially from current expectations include, among others, the
Company’s ability to successfully hold its 2021 Annual Meeting, its
ability to implement its development plans, its ability to obtain
regulatory approvals for commercialization of its product
candidates, including its COVID-19 vaccines or to comply with
ongoing regulatory requirements, regulatory limitations relating to
its ability to promote or commercialize its product candidates for
specific indications, acceptance of its product candidates in the
marketplace and the successful development, marketing or sale of
products, its ability to maintain its license agreement, the
continued maintenance and growth of its patent estate, its ability
to establish and maintain collaborations, its ability to obtain or
maintain the capital or grants necessary to fund its research and
development activities and whether the Company will incur
unforeseen expenses or liabilities or other market factors,
successful compliance with governmental regulations applicable to
its manufacturing facilities, competition, its ability to retain
its key employees or maintain its NYSE American listing, its
ability to increase its authorized shares, and the other factors
discussed in the Company’s filings with the SEC including the
Company’s most recent Annual Report on Form 10-K and the Company’s
subsequent filings with the SEC on Forms 10-Q and 8-K. The
information in this release is provided only as of the date of this
release, and the Company undertakes no obligation to update any
forward-looking statements contained in this release on account of
new information, future events, or otherwise, except as required by
law.
Contact: Stephen Kilmer iBio,
Inc. Investor Relations (646)
274-3580 skilmer@ibioinc.com
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