Two Leading Independent Proxy Advisory Firms Recommend Kiromic BioPharma Stockholders Vote “FOR” All Proxy Proposals
24 February 2023 - 04:17AM
Business Wire
ISS and Glass Lewis Join the Kiromic Board of
Directors in Recommending Stockholders Vote “FOR” for All Three Proposals at the Special
Meeting of Kiromic Stockholders to be Held on March 7, 2023
Kiromic BioPharma, Inc. (NASDAQ: KRBP) (“Kiromic” or the
“Company”), a clinical-stage fully-integrated biotherapeutics
company using its proprietary DIAMOND® artificial intelligence and
data mining platform to develop cell therapies with a focus on
immuno-oncology, announces that Institutional Shareholder Services
(ISS) and Glass Lewis & Co. (Glass Lewis), two leading
independent proxy advisory firms, have issued recommendations that
Kiromic stockholders vote FOR all three proposals at the Company’s
Special Meeting of Stockholders being held March 7, 2023.
The proposals are:
- To grant authority to Kiromic’s Board of Directors to execute a
reverse stock split at a ratio within a range of 1-for-2 to
1-for-30;
- To approve the issuance of common stock to Yorkville Advisors
in excess of the exchange cap of the Standby Equity Purchase
Agreement dated October 13, 2022; and
- To approve the issuance of common stock to the investor holding
the 25% Senior Secured Convertible Promissory Note in excess of the
share cap contained in an agreement dated December 12, 2022.
“The passage of each of these items is critically important to
our ability to pursue the exciting business imperatives I outlined
in a Letter to Stockholders that was published on February 16,
2023,” said Pietro Bersani, Chief Executive Officer of Kiromic
BioPharma. “Notably, the resulting increase in share price from the
reverse stock split will not only keep us in compliance with
Nasdaq’s continued-listing requirements but will also potentially
improve the appeal of our common stock to a broader range of
investors, including higher-quality institutional investors.”
Kiromic strongly encourages all investors to vote “FOR” each
proposal for the reasons described in the proxy statement filed
with the SEC on January 26, 2023. Voting instructions are contained
in the proxy card; you can vote at any time via the internet, by
mail, by phone, or in person at the meeting. If stockholders have
any questions or need assistance voting their shares, please
contact Kiromic’s proxy solicitor:
Alliance Advisors (973) 873-7700
About Kiromic BioPharma
Kiromic BioPharma, Inc. is a clinical-stage, fully integrated
biotherapeutics company using its proprietary DIAMOND® artificial
intelligence (AI) 2.0 target discovery engine to detect, develop,
and commercialize cell therapies with a therapeutic focus on
immuno-oncology. Kiromic is developing a multi-indication
allogeneic cell therapy platform that exploits the natural potency
of Gamma Delta T-cells to target solid cancers. Kiromic’s DIAMOND®
AI is where data science meets target identification to
dramatically compress the years and hundreds of millions of dollars
required to develop a live drug. The Company maintains offices in
Houston, Texas. To learn more, visit www.kiromic.com and connect
with us on Twitter and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements that
involve substantial risks and uncertainties. Kiromic makes such
forward-looking statements pursuant to the safe harbor provisions
of the United States Private Securities Litigation Reform Act,
Section 21E of the Securities Exchange Act of 1934, as amended, and
other federal securities laws. All statements other than statements
of historical facts are forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as:
“will,” “potential,” “could,” “can,” “believe,” “intends,”
“continue,” “plans,” “expects,” “anticipates,” “estimates,” “may,”
or the negative of these terms or other comparable terminology.
These forward-looking statements include, but are not limited to,
statements regarding: Kiromic’s ability to achieve its objectives
and Kiromic’s financing strategy and availability of funds. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
levels of activity, performance, or achievements to be materially
different from the information expressed or implied expressed or
implied by these forward-looking statements. These risks and
uncertainties include, but are not limited to, the risks and
uncertainties discussed in our Annual Report on Form 10-K for the
year ended December 31, 2021, and as detailed from time to time in
our other SEC filings. You should not rely upon forward-looking
statements as predictions of future events. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that the future results, levels
of activity, performance, or events and circumstances reflected in
the forward-looking statements will be achieved or occur. Moreover,
neither we nor any other person assumes responsibility for the
accuracy and completeness of the forward-looking statements. Such
forward-looking statements relate only to events as of the date of
this press release. We undertake no obligation to update any
forward-looking statements except to the extent required by
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230223005784/en/
Kiromic BioPharma Linda Phelan Dyson, MPH Global Head,
Corporate Communications ldyson@kiromic.com 281-468-7683
LHA Investor Relations Tirth T. Patel tpatel@lhai.com
212-201-6614
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