The company’s board of directors has approved a plan of complete liquidation and dissolution of the company (the plan), subject to shareholder approval.
The company intends to hold a special meeting of shareholders to seek approval of the plan and will file related proxy materials with the Securities and Exchange Commission in the near future. Prior to the special meeting the company will reduce its headcount to a limited number of employees who will assist in the termination of operations.
The plan contemplates an orderly wind down of the company’s business and operations. If the company’s shareholders approve the plan, the company intends to file articles of dissolution, satisfy or resolve its remaining liabilities and obligations, including but not limited to contingent liabilities and claims, ongoing clinical trial obligations, lease obligations, severance for terminated employees, and costs associated with the liquidation and dissolution, and make distributions to its shareholders of cash available for distribution, subject to applicable legal requirements.