Sio Gene Therapies, Inc. to File for Dissolution and Declare an Initial Liquidating Distribution of $0.435 Per Share
February 02 2024 - 7:00AM
Sio Gene Therapies, Inc. ("Sio") today announced that it expects to
file a certificate of dissolution (the "Certificate of
Dissolution") with the Secretary of State of the State of
Delaware, as contemplated by the Plan of Complete Liquidation and
Dissolution (the "Plan") previously approved by Sio's Board of
Directors and stockholders, on February 7, 2024. The Certificate of
Dissolution, which is expected to become effective at 4:00
p.m. Eastern Time on February 7, 2024 (the
"Effective Time"), provides for the dissolution of Sio under the
General Corporation Law of the State of Delaware (the
"DGCL").
In connection with the filing of the Certificate of Dissolution,
effective as of the Effective Time, Sio will close its stock
transfer books and discontinue recording transfers of its common
stock, par value $0.00001 (the "Common Stock"). As a
result, upon the Effective Time, holders of the Common Stock will
no longer able to transfer record or beneficial ownership of the
Common Stock, other than transfers by will, intestate succession or
operation of law. Any future distributions made by Sio will be made
solely to the stockholders of record as of the Effective Time,
except as may be necessary to reflect subsequent transfers recorded
on Sio’s transfer books as a result of any transfers by will,
intestate succession or operation of law.
Holders of the Common Stock as of the Effective Time will retain
the right to receive distributions pursuant to and in
accordance with Sio's Plan and the DGCL. In that
regard, Sio’s Board of Directors has declared an initial cash
liquidating distribution of $32,511,587, or $0.435 per
share of Common Stock, to be paid on or about February 8,
2024 to stockholders of record as of the Effective
Time.
Under the DGCL, Sio has up to three years to finalize the
dissolution process. Sio plans to retain approximately $7,200,000
(plus any interest thereon) to cover dissolution-related operating
expenses and any unknown contingent liabilities over this time. Sio
currently expects to pay remaining cash to stockholders in one or
more subsequent liquidating distributions, subject to uncertainties
inherent in winding up its business. Sio cannot provide any
assurances with respect to the amounts of any such subsequent
liquidating distributions or the timing thereof.
About Sio Gene Therapies, Inc.
Sio was a clinical-stage company focused on developing gene
therapies to radically transform the lives of patients with
neurodegenerative diseases. Sio ceased its development programs in
mid-2022. Its stockholders voted to dissolve Sio and its remaining
3 foreign subsidiaries in April 2023. The dissolution of the
foreign subsidiaries was completed in January 2024.
Company Contact:
David Nassif
CEO/CFO
Sio Gene Therapies, Inc.
david.nassif@siogtx.com
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