Business
LifeVantage Adopts Limited Duration Stockholder Rights Plan
SALT LAKE CITY, Aug. 31, 2023 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq: LFVN) (“LifeVantage” or the “Company”), a leading health and wellness
About this update from Lifevantage Corporation
[{"type":"text","content":"SALT LAKE CITY, Aug. 31, 2023 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq: LFVN) (“LifeVantage” or the “Company”), a leading health and wellness company with products designed to activate optimal health processes, today announced that its Board of Directors (the “Board”) has adopted a limited duration stockholder rights plan (the “Rights Plan”). The adoption of the Rights Plan is intended to protect the long-term interests of LifeVantage and all LifeVantage stockholders and enable them to realize the full potential value of their investment in the Company. The Rights Plan is designed to reduce the likelihood that any entity, person or group would gain control of, or significant influence over, LifeVantage through the open-market accumulation of the Company’s shares without appropriately compensating all LifeVantage stockholders for control. The Rights Plan is not intended to prevent or interfere with any action with respect to LifeVantage that the Board determines to be in the best interests of the Company and its stockholders. Instead, it will position the Board to fulfill its fiduciary duties on behalf of all stockholders by ensuring that the Board has sufficient time to make informed judgments about any attempts to control or significantly influence LifeVantage. The Rights Plan will encourage anyone seeking to gain a significant interest in LifeVantage to negotiate directly with the Board prior to attempting to control or significantly influence the Company. The Board intends to submit the Rights Plan to stockholders for ratification at the Company’s upcoming Annual Meeting of Stockholders (the “Annual Meeting”) and to terminate the Rights Plan if the proposal to ratify the Rights Plan is not approved at that meeting. If the Rights Plan is ratified at the Annual Meeting, it will expire no later than August 28, 2024, subject to the terms of the Rights Plan. The date of the upcoming Annual Meeting has not yet been announced. Further, the terms of the Rights Plan provide many recognized stockholder protections, including the following: The rights will be exercisable only if any entity, person or group acquires 12% (or 20% in the case of certain passive investors) or more of the Company’s outstanding common stock in a transaction not approved by the Board;The Rights Plan has an exception for offers made for all shares of ...