Immunovaccine Files Circular for Annual and Special Meeting of Shareholders
NOT FOR DISTRIBUTION TO THE U.S. NEWSWIRE OR FOR DISSEMINATION IN
This year, in addition to the usual corporate items (election of directors and appointment of the auditors), there are two special items that we are submitting for approval by our shareholders that we believe are in the best interest of the shareholders: a share consolidation and a name change.
Potential share consolidation for Nasdaq listing
“In the past few years we have made remarkable progress in positioning and getting recognition of our unique value proposition in immuno-oncology. We anticipate that 2018 will prove to be another very active, transformative year for the Corporation,” said Frederic Ors, Immunovaccine’s Chief Executive Officer. “We plan to publish data from our multiple clinical programs in oncology with our partners
The Board in collaboration with the Management team has been studying the potential benefits of a secondary listing on the
- A significantly larger pool of capital available;
- A greater average daily trading volume;
- A greater number of U.S. retail and institutional investors; and
- A potential increase in valuation.
Furthermore, it also brings an increased likelihood of additional coverage from U.S. analysts, since many U.S. financial institutions are restricted from dealing with non-U.S. listed companies. This increased potential exposure with U.S. financial institutions could lead to greater awareness of
The Board and Management believe that listing on Nasdaq could create and unlock value, particularly with all the positive clinical results we have experienced and anticipate over the next 18 months. It could possibly also help to narrow the valuation gap that Management perceives existing between
To be accepted for listing on Nasdaq, the Corporation must meet a variety of requirements, one of which requires a minimum trading price of
In evaluating the Share Consolidation that could be required, the Corporation also took into consideration the following factors:
- Obtain share price that is in line with expectations of investors for a company with a market capitalization and maturity similar to
- Make sure to maintain a large enough float to ensure that there will be a market for trading; and
- Achieve a share price post-consolidation that allows the Corporation to maintain its compliance with the listing requirements during market fluctuations.
To meet the aforementioned objectives and to comply with the rules of the
For illustrative purposes, should the five-day volume weighted average trading price of the Shares prior to the consolidation be
While we cannot predict future market conditions, management expects that from a shareholder’s perspective, there will be no impact on the overall value of holdings pre- and post-consolidation. Management believes that a higher consolidated share price combined with Nasdaq listing could attract greater interest in
Although shareholders’ approval for the Share Consolidation is being sought at the Meeting, the Share Consolidation would become effective at a date in the future to be determined by the Board, if and when it is considered to be in the best interest of the Corporation to implement the Share Consolidation. The Board may determine not to implement the Share Consolidation at any time after the Meeting without further action on the part of or notice to the Shareholders and there is no assurance whatsoever that the Common Shares of the Corporation will be listed on the Nasdaq.
Immunovaccine’s Board of Directors and management team invites all shareholders to vote IN FAVOUR of the share consolidation.
The Corporation is proposing to change its name to “IMV Inc.” in an effort to ensure that its corporate denomination does not convey any ambiguities as to the nature of the activities and technologies of the Corporation, which are not limited to vaccines.
Immunovaccine’s Board of Directors and management team invites all shareholders to vote IN FAVOUR of the name change.
We want to take this opportunity to greatly thank Mr.
IMMUNOVACCINE ANNUAL AND SPECIAL MEETING
The annual and special meeting of shareholders of
The Corporation will also hold an information meeting with for its shareholders at the Innovation Enterprise Centre,
Your vote is important regardless of the number of shares you own.
HOW TO VOTE
Registered shareholders: (those who hold IMV shares in their name and represented by a physical certificate or through the Direct Registration System) may vote by mail, internet, telephone or in person at the Annual General Meeting. In the interest of time, shareholders are encouraged to vote via the internet or by telephone as follows:
Internet: Vote online at www.investorvote.com, using the control number located on your proxy (which you receive in the mail or via internet)
Telephone: Call 1-866-732-VOTE (8683) toll free
Beneficial shareholders: (those who hold IMV shares through a bank, broker or other intermediary) will have different voting instructions provided to them and should follow the instructions found on their voting instruction form.
Shareholders who have questions or have not received their proxy or voting instruction form may contact IMV’s Proxy Solicitation Agent:
Toll free: 1-877-452-7184 or 416-304-0211
Immunovaccine Inc. is a clinical stage biopharmaceutical company dedicated to making immunotherapy more effective, more broadly applicable, and more widely available to people facing cancer and other serious diseases.
This press release contains forward-looking information under applicable securities law. All information that addresses activities or developments that we expect to occur in the future is forward-looking information. Forward-looking statements are based on the estimates and opinions of management on the date the statements are made. However, they should not be regarded as a representation that any of the plans will be achieved. Actual results may differ materially from those set forth in this press release due to risks affecting the Corporation, including access to capital, the successful completion of clinical trials and receipt of all regulatory approvals.
T: (312) 961-2502 E: firstname.lastname@example.org
Pierre Labbé, Chief Financial Officer
T: (902) 492-1819 E: Plabbe@imvaccine.com
O: (415) 513-1284
T: (415) 515-4572 E: email@example.com
Source: Immunovaccine Inc.