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Quince Therapeutics Adopts Limited Duration Stockholders Rights Plan
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)-- Quince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and
About this update from Quince Therapeutics, Inc.
[{"type":"text","content":" SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--\nQuince Therapeutics, Inc. (Nasdaq: QNCX), a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform patients’ lives, today announced that its Board of Directors (the “Board”) unanimously approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”) and declared a dividend distribution of one preferred share purchase right on each outstanding share of Quince’s common stock. The dividend distribution will be made on April 17, 2023, payable to stockholders of record on that date, and is not taxable to stockholders. The Rights Plan is effective immediately and has a one-year duration, expiring on April 5, 2024.\n\n\nThe Board adopted the Rights Plan following an unsolicited acquisition proposal and accumulation of Quince shares by certain investors. A Rights Plan will enable Quince’s Board and its management team to protect stockholders while fulfilling its fiduciary responsibilities to review and evaluate strategic alternatives intended to maximize long-term value for all Quince stockholders. This will include consideration for the company’s previously stated prioritization of in-licensing and acquisition activities, as well as alternative options and proposals, as warranted. The company is in the process of retaining a financial advisor to advise and assist the Board with respect to its strategic alternatives and potential transactions.\n\n\nThe Rights Plan is similar to other plans adopted by publicly held companies in comparable circumstances. The Rights Plan is intended to enable all stockholders to realize the long-term value of their investment in Quince. The Rights Plan will reduce the likelihood that any entity, person, or group gains control of Quince through open market accumulation without paying all stockholders an appropriate control premium or without providing the Board sufficient time to make informed judgments and take actions that are in the best interests of stockholders. The Rights Plan does not prevent the Board from engaging with parties or accepting proposals if the Board believes that it is in the best interests of the company and its stockholders.\n\n\nUnder the Rights Plan, the rights will become exercisable only if an entity, person, or group acquires beneficial ownership o...