Acasti Announces Filing and Mailing of Information Circular and Change in Record Date
September 11 2020 - 7:00AM
Acasti Pharma Inc. (“
Acasti” or the
“
Company”) (NASDAQ: ACST – TSX-V: ACST) announced
that it has filed and mailed the information circular and
management proxy statement (the “
Circular”) for
its upcoming annual and special meeting of shareholders to be held
on September 30, 2020 (the “
Meeting”). The Meeting
will take place at 1:00 p.m. Eastern Time, online only, via a
virtual meeting portal, through which shareholders of the Company
can listen to the Meeting, submit questions and vote online. For
more information regarding the Meeting and how to attend and vote
at the Meeting, shareholders can consult the Circular, which is
available under the Company’s profiles on SEDAR at www.sedar.com
and on EDGAR at www.sec.gov.
In addition, the board of directors of the
Company (the “Board”) has resolved to change the
record date for the Meeting as indicated in the Circular for the
purpose of determining the Company’s shareholders which are
entitled to receive notice of and to vote at the Meeting from
August 26, 2020 to September 8, 2020. Shareholders registered as of
September 8, 2020 are entitled to attend and vote at the Meeting.
Shareholders who wish to be represented by proxy at the Meeting
must, to entitle the person appointed by the proxy to attend and
vote, deliver their proxies at the place, in the manner and within
the time set forth in the Circular. Shareholders are encouraged to
submit their duly completed proxies as soon as possible ahead of
the Meeting, as further described in the Circular.
Stock Option Plan and Equity Plan
Amendments
Subject to the approvals of the TSX Venture
Exchange (“TSXV”) and of the shareholders of the
Company at the Meeting, the Board resolved to amend the Company’s
stock option plan (the “Stock Option Plan”) and
equity incentive plan (the “Equity Incentive
Plan”) for purposes of maintaining a fixed stock option
and equity incentive pool that may be granted under both plans,
collectively representing 15% of the shares currently outstanding
for the two plans combined (the “15% Fixed Pool”).
Such renewal approval is consistent with the Company’s historical
use of plans with a fixed limit set at 15% (and previously 20%) of
the then-applicable outstanding shares, as compared to a “rolling”
plan, which allows for an automatic increase of the available pool
upon an increase in the number of outstanding shares.
In accordance with the above, with respect to
the Stock Option Plan, the Board resolved to increase the maximum
allowable fixed number of common shares of the Company
(“Common Shares”) that may be issued upon the
exercise of all options granted under the Stock Option Plan to
14,533,811 Common Shares, corresponding to the 15% fixed pool,
based on the number of Common Shares issued and outstanding as of
August 26, 2020.
In addition to the 15% Fixed Pool applicable to
both Company plans, the Equity Incentive Plan is subject to a
plan-specific sublimit further limiting the number of Common Shares
available under such plan to a maximum 2.5% of the number of Common
Shares currently outstanding. Accordingly, the Board of Directors
resolved to set the total number of Common Shares reserved for
issuance pursuant to awards granted under the Equity Incentive Plan
to an aggregate number that for so long as the Common Shares are
listed on the TSXV, shall not exceed the lower of (x) 2,422,313
Common Shares (representing 2.5% of the number of Common Shares
issued and outstanding as of August 26, 2020), and (y) the number
of Common Shares remaining available for issuance under the 15%
Fixed Pool, currently representing 14,533,881 Common Shares.
Additional Company Changes
The Company also wishes to announce that
Jean-François Boily, Vice-President, Finance of the Company, has
tendered his resignation to the Company to pursue other business
opportunities. Mr. Boily will assist the Company with a smooth and
orderly transition of his functions and the Company expects that
its existing internal finance team currently in place will be able
to assume Mr. Boily’s functions going forward. The Company wishes
to thank Mr. Boily for his years of service to the Company and
wishes him well in his future endeavours.
Neither NASDAQ, the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Acasti
Contact:Jan
D’AlviseChief Executive OfficerTel: 450-686-4555Email:
info@acastipharma.comwww.acastipharma.com
Investor
Contact:Crescendo
Communications, LLCTel: 212-671-1020Email:
ACST@crescendo-ir.com
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