Business
Avalon GloboCare Continues its U.S. Centric Strategy with a New Proposed Board Composition in Preparation for Acquisition of Laboratory Services MSO, LLC
Company Discontinues China Operations, Reducing Cash Burn Encourages Shareholders to Vote in the Upcoming Annual Shareholder Meeting on December 29th
About this update from Avalon Globocare Corp.
[{"type":"text","content":"Company Discontinues China Operations, Reducing Cash Burn Encourages Shareholders to Vote in the Upcoming Annual Shareholder Meeting on December 29th FREEHOLD, N.J., Dec. 12, 2022 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ: ALBT), a leading global developer of innovative cell-based technologies and therapeutics and laboratory testing provider, reminds investors to vote in the upcoming annual meeting, which includes a new proposed Board composition to reflect its continued U.S. focus and planned acquisition of Laboratory Services MSO, LLC. On November 14, as part of its 10Q filing with the Securities and Exchange Commission, the Company disclosed its decision to cease all operations in the People’s Republic of China with the exception of a small administrative office and a non-operating, patent holding entity. The upcoming 2022 Annual Meeting of Stockholders will be held on December 29, 2022, at 11:00 a.m. Eastern Time. Avalon’s stockholders at the close of business on the record date of November 15, 2022 are encouraged to vote their shares as soon as possible before 9 AM Eastern Time on December 28, 2022. Stockholders can exercise their votes online, via telephone or by mail. The Annual Meeting will be held virtually at www.virtualshareholdermeeting.com/AVCO2022. The proposals are as follows: To elect the six director nominees named in the Proxy Statement to hold office until the next annual meeting of stockholders and until their successors are duly elected and qualified;To ratify the appointment of Marcum LLP as the Company’s independent auditors for the fiscal year ending December 31, 2022; andTo act on such other matters as may properly come before the meeting or any adjournment thereof. “We recently announced a transformative acquisition of Laboratory Services MSO, LLC, a premier reference laboratory,” stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon GloboCare. “Not only is Laboratory Services MSO expected to be highly accretive to earnings, it also adds strong clinical synergies to the existing Avalon portfolio. In order to better reflect Avalon’s new focus on laboratory services and biotherapeutics, we also decided to cease all operations in the People’s Republic of China with the exception of a small administrative office, Avalon Shanghai. Additionally, we...