Item 5.07 |
Submission of Matters to a Vote of Security Holders. |
On September 18, 2023, Paratek Pharmaceuticals, Inc., a Delaware corporation (the “Company”), held a virtual special meeting of stockholders (the “Special Meeting”) to consider and vote on the proposals set forth in the definitive proxy statement of the Company prepared in connection with the Merger Agreement (as defined below) filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 2, 2023.
As of the close of business on July 28, 2023, the record date for the stockholders entitled to vote at the Special Meeting, there were a total of 57,322,358 shares of Common Stock, par value $0.001 per share, of the Company (“Company Common Stock”) outstanding, each of which was entitled to one vote for each proposal at the Special Meeting. At the Special Meeting, a total of 41,336,493 shares of Company Common Stock, representing approximately 72.1% of the total shares of Company Common Stock issued and outstanding and entitled to vote, were present or represented by proxy, constituting a quorum to conduct business.
Proposal 1: Proposal to approve and adopt the Agreement and Plan of Merger, dated June 6, 2023 (the “Merger Agreement”) by and among the Company, Resistance Acquisition, Inc., a Delaware corporation (“Parent”), and Resistance Merger Sub, Inc., a Delaware corporation (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company, with the Company being the surviving corporation (the “Merger”), and to approve each of the other transactions contemplated thereby, including the Merger (the “Merger Agreement Proposal”).
Set forth below are the voting results for the Merger Agreement Proposal, which was approved and adopted by the Company’s stockholders:
|
|
|
|
|
Votes Cast For |
|
Votes Cast Against |
|
Abstentions |
31,250,056 |
|
9,912,755 |
|
173,682 |
Proposal 2: Non-binding, advisory proposal to approve certain compensation arrangements for the Company’s named executive officers in connection with the Merger (the “Management Compensation Proposal”).
Set forth below are the voting results for the Management Compensation Proposal, which was approved by the Company’s stockholders on a non-binding, advisory basis:
|
|
|
|
|
Votes Cast For |
|
Votes Cast Against |
|
Abstentions |
24,648,845 |
|
16,379,806 |
|
307,842 |
Proposal 3: Proposal to approve one or more adjournments of the Special Meeting, if necessary or appropriate, including adjournments to solicit additional proxies if there are insufficient votes at the time of the Special Meeting to approve the Merger Agreement Proposal (the “Adjournment Proposal”).
As there were sufficient votes to approve the Merger Agreement at the time of the Special Meeting, the Adjournment Proposal was not presented to stockholders.
The Merger is currently expected to close on September 21, 2023, subject to the satisfaction or waiver of remaining conditions set forth in the Merger Agreement.
Cautionary Statement Regarding Forward-Looking Statements
This communication includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the Company and