ProMIS Neurosciences Shareholders Approve Special Resolution
02 December 2021 - 11:00PM
ProMIS Neurosciences Inc. (TSX: PMN) (OTCQB: ARFXF) (the
“
Company”), a biotechnology company focused on the
discovery and development of antibody therapeutics targeting toxic
oligomers implicated in the development of neurodegenerative
diseases, is pleased to announce shareholders passed the share
consolidation resolution at its special general meeting of
shareholders (the “
Special Meeting”) held on
December 1, 2021.
With the successful passing of the share
consolidation special resolution, the Board of Directors is now
authorized, at any time on or before July 1, 2023, to consolidate
the common shares of the Company within a range from a ratio of
thirty pre-consolidation common shares to one post-consolidation
common share up to a ratio of sixty pre-consolidation common shares
for one post-consolidated common share.
A total of 205,435,000 shares voted in favour of
the special resolution (88.02%) and 27,951,067 shares voted against
the special resolution (11.98%). A total of 233,386,067 shares were
represented at the Special Meeting, being approximately 54% of the
Company’s issued and outstanding common shares, by persons present
either in person or by proxy.
The Board plans to proceed with the share
consolidation proximately to a listing of the Company’s shares on a
stock exchange in the United States.
Eugene Williams, the Company's Chief Executive
Officer, adds that “We are very pleased with the overwhelming
support of our shareholders of the share consolidation resolution.
The Board believes a listing on a stock exchange in the United
States, in addition to potentially providing greater liquidity for
our shareholders, would provide greater access to capital to help
expedite the development of our potential therapies, including
notably our lead program PMN310, and the process of obtaining
clinical validation of such potential therapies.”
The authority granted to the Board to
consolidate the shares is subject to final approval of the Toronto
Stock Exchange (TSX). Notwithstanding approval of the resolution by
shareholders, the Board retains the discretion to not proceed with
the share consolidation. If the share consolation is implemented,
there can be no assurances that a US listing will occur following
such implementation. Further, no assurance can be given that the
Company will meet the quantitative or qualitative requirements to
list on a senior stock exchange in the United States.
About ProMIS Neurosciences
ProMIS Neurosciences, Inc. is a development
stage biotechnology company focused on discovering and developing
antibody therapeutics selectively targeting toxic oligomers
implicated in the development and progression of neurodegenerative
diseases, in particular Alzheimer’s disease (AD), amyotrophic
lateral sclerosis (ALS) and Parkinson’s disease (PD). The Company’s
proprietary target discovery engine is based on the use of two
complementary techniques. The Company applies its thermodynamic,
computational discovery platform—ProMIS™ and Collective
Coordinates—to predict novel targets, known as Disease Specific
Epitopes, on the molecular surface of misfolded proteins. Using
this unique approach, the Company is developing novel antibody
therapeutics for AD, ALS and PD. ProMIS is headquartered in
Toronto, Ontario, with offices in Cambridge, Massachusetts. ProMIS
is listed on the Toronto Stock Exchange under the symbol PMN, and
on the OTCQB Venture Market under the symbol ARFXF.
For further information about ProMIS
Neurosciences, please consult the Company’s website at:
www.promisneurosciences.com.
For Investor Relations please contact: Alpine
Equity Advisors Nicholas Rigopulos, President
nick@alpineequityadv.com Tel. 617 901-0785
The TSX has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
This news release contains certain
"forward-looking statements" within the meaning of such statements
under applicable securities law. Forward-looking statements are
frequently characterized by words such as "anticipates", "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed", "positioned"
and other similar words, or statements that certain events or
conditions "may" or "will" occur including but not limited to
statements related to the intent of the Company to pursue a
potential listing of the Company’s common shares on an
exchange in the United States, the Company’s ability to access
capital improving as a result of a listing on a stock exchange in
the United States, and the Company obtaining the necessary
regulatory approvals and satisfying the other requirements to file
an IND and commence its clinical trials related to its lead program
PMN310 soon thereafter.
Readers are cautioned that forward- looking
statements are based on certain assumptions and are subject to
known and unknown risks and uncertainties (both general and
specific) that contribute to the possibility that the future events
or circumstances contemplated by such forward-looking information
will not occur. Such risks and uncertainties with respect to the
forward-looking statements contained in this news release include,
but are not limited to, the Company obtaining Toronto Stock
Exchange approval for a consolidation of its common shares, the
Company’s ability to generally meet the quantitative and
qualitative requirements to list its common shares on a stock
exchange in the United States, the trading volumes in the Company’s
common shares increasing as a result of a listing on a stock
exchange in the United States, the Company’s ability to access
capital improving as a result of a listing on a stock exchange in
the United States, and the Company obtaining the necessary
regulatory approvals and satisfying the other requirements to file
an IND and commence its clinical trials related to its lead program
PMN310 soon thereafter. Readers should also refer to the risk
factors set forth in the Company’s continuous disclosure documents
available at SEDAR (www.sedar.com). There can be no assurance that
the plans, intentions or expectations upon which forward-looking
statements are based will be realized. Actual results may differ,
and the difference may be material and adverse to the Company and
its shareholders. Therefore, readers should not place undue
reliance upon such forward- looking statements. The Company does
not intend, and does not assume any obligation, to update these
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this news release
except as required by applicable law or regulatory
requirements.
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