Business
Lifecore Biomedical Announces Cooperation Agreement with 22NW
Provides for the Addition of 22NW Nominees Jason Aryeh and Matthew Korenberg, as Well as Humberto Antunes and Paul Johnson, to the Board CHASKA, Minn., July
About this update from Lifecore Biomedical, Inc.
[{"type":"text","content":"Provides for the Addition of 22NW Nominees Jason Aryeh and Matthew Korenberg, as Well as Humberto Antunes and Paul Johnson, to the Board\nCHASKA, Minn., July 01, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced it has reached a cooperation agreement (the “Agreement”) with 22NW, LP (“22NW”), which provides for the addition of Humberto Antunes, Jason Aryeh, Paul Johnson and Matthew Korenberg to the Board of Directors (the “Board”) of the Company effective immediately following the 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”). Katrina Houde, chair of the Board’s Nominating and Corporate Governance Committee, stated, “We are pleased to have reached this Agreement, which will allow us to avoid a costly and distracting proxy fight and focus on the execution of our business plan. The Board looks forward to working with its new members to continue overseeing efforts to build a solid foundation for Lifecore’s future success, working with our recently installed CEO, Paul Josephs. We welcome Humberto, Jason, Paul and Matt to the boardroom and believe their perspectives will be beneficial as we continue to do what is best for all stockholders.” Ms. Houde continued, “We have a strong Board that includes representatives of significant stockholders and individuals with experience critical to overseeing the Company’s strategy. We believe this composition reinforces alignment between the Board and our stockholders, and positions us well to deliver value for all stakeholders.” Aron English, founder of 22NW stated, “We appreciate the constructive engagement we have had with the Board and believe that its new configuration will even better support Lifecore’s execution of its business plan and lead to improved stockholder value. Humberto, Jason, Paul and Matt are highly qualified and possess relevant experience and expertise that will make them important voices in the boardroom going forward.” The Agreement includes the following key terms: 22NW will withdraw its notice of nominations of director candidates at the 2023 Annual Meeting, as well as its demand for a special meeting of stockholders to vote on an advisory proposal to declassify the Board.Nathaniel Calloway, a partner at 22NW, w...