Press release
Antigua Court of Appeal Rules in Favor of SINOVAC, Upholds 2018 Judgment
Current SINOVAC Directors Elected Properly at the 2018 Annual General Meeting The Company’s Rights Agreement is Valid under Antigua Law BEIJING--(BUSINESS
About this update from Sinovac Biotech, Ltd.
[{"type":"text","content":"\nCurrent SINOVAC Directors Elected Properly at the 2018 Annual General Meeting\n\nThe Company’s Rights Agreement is Valid under Antigua Law\n\n BEIJING--(BUSINESS WIRE)--\nSINOVAC Biotech Ltd. (NASDAQ: SVA) (\"Sinovac\" or the \"Company\"), a leading provider of biopharmaceutical products in China, today provided an update for shareholders with regard to the exchange (the “Exchange”) of preferred share purchase rights (the “Rights”) for the Company’s Common Shares and Series B Convertible Preferred Shares (the “Exchange Shares”), originally announced via press release on February 22, 2019. At that time, Sinovac’s Board determined that certain collaborating shareholders had become acquiring persons, thereby triggering the Company’s Rights Agreement. As a result, valid preferred share purchase rights held by all non-collaborating shareholders were exchanged for common and preferred shares, per the terms of the Rights Agreement.\n\nOn December 19, 2018, the High Court of Justice of Antigua and Barbuda issued a judgment (the “2018 Judgment”) that determined the Company’s existing directors were properly elected at the Annual General Meeting (“AGM”) held in February 2018 and remained as directors of the Company, and that the Company’s Rights Agreement is valid under Antigua law.\n\nOn December 9, 2021, the Eastern Caribbean Supreme Court’s Court of Appeal upheld the 2018 Judgment, further confirming SINOVAC’s position that the board was properly elected, and the Rights Agreement was triggered by a group led by 1Globe Capital, LLC, Chiangjia Li and OrbiMed Advisors LLC. In the unanimous written judgment, the Court of Appeal upheld the trial judge’s findings of fact – that a group of shareholders, including 1Globe, formed a secret plan to ambush the Company’s AGM, without the knowledge of the Company’s directors or other shareholders. The Court also confirmed the Company’s Rights Agreement did not contain any inconsistencies in its Articles or Memorandum of Association, or the Antiguan business law.\n\nMr. Weidong Yin, Chairman, President, and CEO of SINOVAC said, “We are extremely pleased with today’s ruling, which ensures valid rights holders will receive the economic value to which they are entitled. We call on 1Globe Capital to accept the consequences of their actions against SINOVAC and its shareholders, respect the multiple inde...