Business
PharmaCyte Biotech Rebukes Iroquois’ Commencement of Consent Solicitation
- 7% owner Attempting to Take Control of Company Without Paying a Control Premium to Shareholders - Circumvents Proper Vetting of Directors; Proposes Slate
About this update from Pharmacyte Biotech, Inc.
[{"type":"text","content":"\n- 7% owner Attempting to Take Control of Company Without Paying a Control Premium to Shareholders\n\n- Circumvents Proper Vetting of Directors; Proposes Slate with Multiple Connections and Allegiances to Iroquois with History of Value Destruction\n\n- Proposes 15-Person Board Which is Operationally Inefficient, Violates the Bylaws, and Would Unnecessarily Waste Company Resources\n\n- Attempts to Amend Bylaws to Entrench Itself and Its Own Nominees At The Expense of All Shareholders\n\n- Iroquois’ Consent Solicitation Is Full of Factual Inaccuracies and Misrepresentations\n\n LAS VEGAS--(BUSINESS WIRE)--\nPharmaCyte Biotech, Inc. (NASDAQ: PMCB), a biotechnology company focused on developing cellular therapies for cancer, diabetes, and malignant ascites using its signature live-cell encapsulation technology, Cell-in-a-Box®, today issued the following statement in response to Iroquois Capital’s filing of a preliminary consent statement to commence a consent solicitation in lieu of a stockholder meeting. Iroquois Capital is seeking the consent of the Company’s shareholders to change various Company Bylaws, expand the size of the Company’s Board of Directors (Board) from 7 to 15, and elect Iroquois’ entire slate of 8 directors to the Board. The Company has serious concerns with this recent action taken by Iroquois and portends trouble ahead for the Company and its shareholders.\n\nFor the reasons set forth below, we implore our fellow shareholders to rebuke the significant infringement to your shareholder rights represented by Iroquois’ proposed changes to our Bylaws. Please ignore any “WHITE” consent card you may receive from Iroquois. We are not responsible for the accuracy of any information provided by or relating to Iroquois contained in any consent solicitation materials filed or disseminated by, or on behalf of, Iroquois or any other statements that Iroquois or its representatives have made or may otherwise make. In fact, the Iroquois consent solicitation is riddled with misstatements. Any Iroquois mailing or communication is not from PharmaCyte; instead, it is an attempt by Iroquois, a hedge fund with only 7% ownership, to solicit consents that are designed to enable Iroquois to take over the entire Company and its cash position of over $80 million. We are not a private company for the benefit of one shareholder. We are a p...