Business
Aptevo Therapeutics Adopts Limited Duration Stockholder Rights Plan
SEATTLE, WA / ACCESSWIRE / November 8, 2020 / Aptevo Therapeutics Inc. ("Aptevo") (NASDAQ:APVO), a biotechnology company focused on developing novel
About this update from Aptevo Therapeutics Inc.
[{"type":"text","content":"SEATTLE, WA / ACCESSWIRE / November 8, 2020 / Aptevo Therapeutics Inc. (\"Aptevo\") (NASDAQ:APVO), a biotechnology company focused on developing novel immuno-oncology therapeutics based on its proprietary ADAPTIR™ bispecific technology platform, today announced that its Board of Directors has approved the adoption of a limited duration stockholder rights plan and declared a dividend distribution of one right for each outstanding share of common stock. The record date for such dividend distribution is November 23, 2020. The rights plan expires, without any further action being required to be taken by Aptevo's Board of Directors, on November 8, 2021.The adoption of the rights plan is intended to protect Aptevo and its stockholders from the actions of third parties that Aptevo's Board of Directors determines are not in the best interests of Aptevo and its stockholders, and to enable all stockholders to realize the full potential value of their investment in Aptevo. The rights plan provides the Board of Directors with time to make informed decisions that are in the best long-term interests of Aptevo and its stockholders and does not prevent Aptevo's Board of Directors from considering any offer to acquire Aptevo that it considers to be in the best interest of Aptevo's stockholders.The rights plan is similar to stockholder rights plans adopted by other publicly-traded companies. Under the rights plan, the rights generally would become exercisable only if a person or group acquires beneficial ownership of 10% or more of Aptevo's common stock in a transaction or series of transactions not approved by Aptevo's Board of Directors. In that situation, each holder of a right (other than the acquiring person or group, whose rights will become void and will not be exercisable) will have the right to purchase, upon payment of the exercise price and in accordance with the terms of the rights plan, a number of shares of Aptevo's common stock having a market value of twice such price. In addition, if Aptevo is acquired in a merger or other business combination after an acquiring person acquires 10% or more of Aptevo's common stock, each holder of the right would thereafter have the right to purchase, upon payment of the exercise price and in accordance with the terms of the rights plan, a number of shares of common stock of the acquiring person h...