iBio, Inc. Announces Withdrawal of Proxy Statement Proposal to Amend Its Certificate of Incorporation to Authorize a Possible...
03 March 2020 - 8:30AM
IBIO, INC. (NYSE AMERICAN: IBIO) (“IBIO” OR THE
“COMPANY”), today announced that its Board of Directors
has decided it will not seek authority from the shareholders at the
2019 Annual Meeting (“Annual Meeting”) to effect a reverse split of
its issued and outstanding shares of common stock and, accordingly,
Proposal No. 5 in the Definitive Proxy Statement filed with the
Securities and Exchange Commission on January 23, 2020 (the “Proxy
Statement”) for such authority has been withdrawn from the agenda
for the Annual Meeting.
In making its decision, the Board took the
trading history and the results of meetings with representatives of
various investment banks, investment funds, and other members of
the investment community into account when it concluded that the
market for iBio’s common stock (per-share market pricing and
liquidity), investor interest, and our financing and
capital-raising abilities were satisfactory at this time and might
not be materially enhanced if our shareholders were to provide the
reverse split authority initially sought by Proposal No. 5. The
Board, however, reserved the right to request the holders of iBio’s
capital stock to approve a reverse split proposal at any point in
the future.
No additional changes have been made to the
record date, the location of the meeting or the proposals to be
brought before the Annual Meeting, which are presented in the Proxy
Statement, as supplemented.
About iBio, Inc.
iBio, Inc., is a global leader in plant-based
biologics manufacturing.
Its FastPharming System™ combines
vertical farming, automated hydroponics, and glycan engineering
technologies to rapidly deliver gram quantities of high-quality
monoclonal antibodies, vaccines, bioinks and other proteins. The
Company’s subsidiary, iBio CDMO LLC,
provides FastPharming Contract
Development and Manufacturing Services via its 130,000 square foot
facility in Bryan, Texas. iBio CDMO also enables innovators to use
the FastPharming System for insourced
manufacturing with Factory Solutions “design-and-build” services.
Additionally, iBio’s
FastGlycaneering Development Service™
includes an array of new glycosylation technologies for engineering
high-performance recombinant proteins. iBio is also developing
proprietary products which include its lead asset, IBIO-100, for
the treatment of fibrotic diseases. For more information,
visit www.ibioinc.com.
FORWARD-LOOKING STATEMENTS
STATEMENTS INCLUDED IN THIS NEWS RELEASE RELATED
TO IBIO, INC. MAY CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE
MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995.
SUCH STATEMENTS INVOLVE A NUMBER OF RISKS AND UNCERTAINTIES SUCH AS
COMPETITIVE FACTORS, TECHNOLOGICAL DEVELOPMENT, MARKET DEMAND, AND
THE COMPANY'S ABILITY TO OBTAIN NEW CONTRACTS AND ACCURATELY
ESTIMATE NET REVENUES DUE TO VARIABILITY IN SIZE, SCOPE, AND
DURATION OF PROJECTS. FURTHER INFORMATION ON POTENTIAL RISK FACTORS
THAT COULD AFFECT THE COMPANY'S FINANCIAL RESULTS CAN BE FOUND IN
THE COMPANY'S REPORTS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION.
Additional Information and Where to Find
It
The Company, its directors and certain of its
executive officers are participants in the solicitation of proxies
from the Company’s stockholders in connection with the matters to
be considered at Company’s 2019 annual meeting of stockholders (the
“Annual Meeting”). The Company filed with the U.S. Securities and
Exchange Commission (the “SEC”) on January 23, 2020, a definitive
proxy statement and form of proxy card in connection with its
solicitation of proxies from Company stockholders for the Annual
Meeting. Company stockholders are strongly encouraged to read the
definitive proxy statement (including all supplements or amendments
thereto), the accompanying form of proxy card and any other
relevant documents that the Company files with the SEC when they
become available because they will contain important information.
Detailed information regarding the identity of participants and
their direct or indirect interests, by security holdings or
otherwise, is set forth in the proxy statement and other materials
filed by the Company with the SEC. Stockholders are able to obtain
the proxy statement, any supplements or amendments to the proxy
statement and other documents filed by the Company with the SEC for
no charge at the SEC’s website at http://www.sec.gov. Copies can
also be obtained at no charge at the Company’s website at
www.ibioinc.com or by writing to Corporate Secretary, iBio, Inc.,
600 Madison Avenue, Suite 1601, New York, NY 10022.
Contact:Stephen KilmerInvestor
Relations(646) 274-3580skilmer@ibioinc.com
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