Press release
Catalyst Biosciences Announces Support from Largest Single Stockholder
JEC Capital Partners Agrees to Vote Its Shares in Favor of Catalyst’s Nominees at the Company’s 2022 Annual Meeting Michael Torok from JEC Appointed as an
About this update from Gyre Therapeutics, Inc.
[{"type":"text","content":"JEC Capital Partners Agrees to Vote Its Shares in Favor of Catalyst’s Nominees at the Company’s 2022 Annual Meeting Michael Torok from JEC Appointed as an Observer to the Transaction Committee of the Board of Directors Company Has Committed to Announcing a Record Date for a Substantial Distribution of Cash to Stockholders as Soon as Litigation and Proxy Fight are Resolved Catalyst Calls Upon JDS1 to Drop Its Litigation and Proxy Contest so the Company Can Expeditiously Execute Its Cash Distribution Plan SOUTH SAN FRANCISCO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ: CBIO) (“Catalyst,” the “Company” or “we”) today announced that it has reached an agreement with its largest single stockholder1, JEC II Associates, LLC (“JEC”), under which JEC has committed to vote all of the Catalyst shares over which it has voting authority in favor of Catalyst’s nominees for the Board of Directors on the Company’s WHITE proxy card at the Company’s upcoming 2022 Annual Meeting of Stockholders (the “Annual Meeting”), scheduled to be held on August 15, 2022. In addition, Michael Torok, the Managing Director of JEC, has been appointed as an observer to the Transaction Committee of the Company’s Board of Directors, effective immediately. Separately, the Board has committed to distributing a significant portion of the Company’s available cash to stockholders (the “Cash Distribution Plan”) and announcing a record date for that distribution within five business days following the conclusion of the Company’s Delaware litigation and proxy contest with JDS1, LLC (“JDS1”), assuming that no other litigation arises beforehand. If the litigation and proxy contest are concluded soon and without much additional expense, the Company expects that initial distribution to be $45 million. As the Company stated in a letter to stockholders on July 19, 2022, we estimate that we may ultimately provide stockholders up to $65 million in cash, in one or more distributions, and we continue to pursue the monetization of our remaining assets that may generate additional value. “We are pleased to have the support of our largest stockholder during a pivotal time in our Company’s history, as we seek to expeditiously distribute the Company’s available cash and monetize the Company’s remaining assets,” said Augustine Lawlor, Chairman of Catalyst. “...