CytoDyn Inc. Announces Adjournment of Annual Meeting of Shareholders
to November 24, 2021 due to a lack of quorum
Activist group failed to submit proxies
Without the representatives of the activist group, the annual meeting had no quorum
VANCOUVER, Washington ?? (BUSINESS WIRE) ?? CytoDyn Inc. (OTCQB: CYDY) (the ?? Company ??), a biotechnology company in the late stages of development of leronlimab, a CCR5 antagonist with the potential for multiple therapeutic indications, today called and then adjourned the 2021 Annual Meeting of Shareholders (the “Annual Meeting”) without dealing with other business. The annual meeting has been adjourned to be held virtually on Wednesday, November 24, 2021 at 8:00 a.m. PT. The adjournment gives the Company additional time to solicit proxies from its shareholders in order to achieve quorum at the annual meeting.
The conduct of business at the Annual Meeting requires a quorum of more than a half outstanding shares of the Company with voting rights, represented in person or by proxy. According to a decision of the inspector of elections, the quorum was not present at the annual meeting. The activist group led by Paul Rosenbaum and Bruce Patterson (the “Activist Group”) failed to submit their proxies to the election inspector. If the activist group had submitted their proxies, the Company believes that there would have been a quorum at the annual meeting. The company believes that the conduct of the activist group violates federal securities laws and reserves all rights therein.
The registration date for the adjourned annual meeting remains the close of business on September 1, 2021. Shareholders who have already voted do not need to vote again, unless they wish to change their vote. Previously submitted proxies will be voted on at the new meeting, unless they are properly revoked. Shareholders who have not yet voted or who wish to change their vote are encouraged to do so promptly by following the instructions provided in their voting instruction form or proxy card.
The Company urges all shareholders to vote for their shares immediately on the Company’s BLUE proxy card upon receipt of the proxy documents to ensure that their votes count in time for the new date of the Annual Meeting. If you have any questions or need help voting for your shares, please contact our legal counsel:
Morrow Sodali LLC
Call to shareholders toll free: (800) 662-5200
Banks, brokers, trustees and other nominees Collect call: (203) 658-9400
Email: [email protected]
CytoDyn is an advanced 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 people T cells and appears to be involved in tumor metastasis and immune-mediated diseases, such as NASH.
CytoDyn has successfully completed a pivotal phase 3 trial using leronlimab in combination with standard antiretroviral therapies in HIV infected patients who were very experienced in treatment with limited treatment options. CytoDyn has been 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 FDA, an integral step in the resubmission process for his BLA, which he plans to complete by the first