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Leading Proxy Advisory Firms ISS and Glass Lewis Recommend Ardelyx Stockholders Vote in Favor of Proposed Share Increase
WALTHAM, Mass., June 05, 2023 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and
About this update from Ardelyx, Inc.
[{"type":"text","content":"WALTHAM, Mass., June 05, 2023 (GLOBE NEWSWIRE) -- Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded with a mission to discover, develop and commercialize innovative, first-in-class medicines that meet significant unmet medical needs, today announced that leading proxy advisory firms Institutional Shareholder Services Inc. (ISS) and Glass Lewis & Co (Glass Lewis) have recommended that Ardelyx stockholders vote “FOR” the Company's proposal to amend the Company’s certificate of incorporation to increase Ardelyx’s authorized shares of common stock from 300 million to 500 million shares. In the report dated May 29, 2023, ISS noted that “A vote FOR this proposal is warranted given that the size of the proposed increase in the number of authorized shares of common stock is reasonable and there are no substantial concerns about the company's past use of shares.” “We are pleased that both ISS and Glass Lewis support our proposal to increase the number of authorized shares of common stock,” said Mike Raab, president and chief executive officer of Ardelyx. “While we do not currently have any plans for these additional shares, the Ardelyx Board of Directors believes that additional authorized shares of common stock would give the Company the necessary flexibility to issue shares for various corporate purposes, including, in particular, capital-raising or financing transactions, and enable the Company to take timely advantage of market conditions and opportunities.” The Company’s upcoming Annual Meeting of Stockholders is scheduled to be held on June 15, 2023 at 8:30am ET. Detailed information about all the proposals can be found in Ardelyx’s Proxy Statement, which is available to stockholders at ir.ardelyx.com. Using their control number, stockholders can vote at www.proxyvote.com. Stockholders can participate electronically in Ardelyx’s virtual Annual Meeting at www.virtualshareholdermeeting.com/ARDX2023. Your vote is important. Please submit your proxy on the internet or by telephone before 11:59 p.m. ET time on June 14, 2023. If stockholders have any questions or need assistance voting shares, they may contact the firm assisting the Company in solicitation of proxies: Morrow Sodali at (203) 658-9400 or [email protected]. About Ardelyx, Inc.Ardelyx was founded with a mission to discover, develop and commercial...