Exhibit 99.1
CytoDyn Inc. Announces Adjournment of Annual Meeting of Shareholders
to November 24, 2021 Due to Lack of Quorum
Activist Group Failed to Submit its Proxies
Without Activist Groups Proxies, Annual Meeting Lacked Quorum
VANCOUVER, Wash.(BUSINESS WIRE) CytoDyn Inc. (OTCQB: CYDY) (the Company), a late-stage biotechnology company developing leronlimab, a
CCR5 antagonist with the potential for multiple therapeutic indications, today convened and then adjourned the 2021 Annual Meeting of Shareholders (the Annual Meeting) without transacting any other business. The Annual Meeting was
adjourned to be held virtually on Wednesday, November 24, 2021 at 8:00 a.m. Pacific Time. The adjournment provides the Company with additional time to solicit proxies from its shareholders to achieve a quorum at the Annual Meeting.
The transaction of business at the Annual Meeting requires a quorum of more than one-half of the outstanding shares of
the Company entitled to vote, represented in person or by proxy. Based on a determination by the inspector of election, there was no quorum present at the Annual Meeting. The activist group led by Paul Rosenbaum and Bruce Patterson (the
Activist Group) failed to submit its proxies to the inspector of election. If the Activist Group had submitted their proxies, the Company believes there would have been a quorum at the Annual Meeting. The Company believes that the
Activist Groups conduct is in violation of the federal securities laws and reserves all rights related thereto.
The record date for the adjourned
Annual Meeting remains the close of business on September 1, 2021. Shareholders who have already voted do not need to recast their votes unless they wish to change their votes. Proxies previously submitted will be voted at the reconvened
meeting unless properly revoked. Shareholders who have not already voted or wish to change their vote are encouraged to do so promptly using the instructions provided in their voting instruction form or proxy card.
The Company urges all shareholders to vote their shares immediately on the Companys BLUE proxy card upon receipt of proxy material to ensure their votes
count in time for the new Annual Meeting date. If you have any questions or require any assistance in voting your shares, please contact our proxy solicitor:
Morrow Sodali LLC
Stockholders
Call Toll Free: (800) 662-5200
Banks, Brokers, Trustees and Other Nominees Call Collect: (203) 658-9400
Email: cydy@info.morrowsodali.com
About CytoDyn
CytoDyn is a late-stage biotechnology
company developing innovative treatments for multiple therapeutic indications using leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor. CCR5 plays a critical role in the ability of HIV to enter and infect healthy T-cells and appears to be implicated in tumor metastasis and immune-mediated illnesses, such as NASH.
CytoDyn
successfully completed a Phase 3 pivotal trial using leronlimab combined with standard antiretroviral therapies in HIV-infected patients who were heavily treatment-experienced individuals with limited
treatment options. CytoDyn is working diligently to resubmit its BLA for this HIV combination therapy since receiving a Refusal to File in July 2020. In July 2021, CytoDyn announced that it had submitted a dose justification report to the FDA, an
integral step in the resubmission process for its BLA, which it expects to complete by the first