Merrimack Pharmaceuticals Announces Approval Of Plan Of Dissolution And Cash Liquidating Dividend Amount Of $15.10 Per Share
Merrimack Pharmaceuticals, Inc. (NASDAQ:MACK) ("Merrimack" or the "Company") announced that the stockholders at a Special Meeting held today overwhelmingly approved adopting a Plan of Dissolution. Following that announcement, the Board of Directors declared a liquidating cash dividend in the amount of $15.10 per share. The dividend is expected to be paid on or about May 17, 2024. Merrimack's Common Stock will trade on NASDAQ through May 17, 2024 and will delist from NASDAQ on May 20, 2024.
"We appreciate shareholder support for the plan of dissolution and the opportunity to fulfill our commitment to return milestone proceeds to the shareholders" said Gary Crocker, CEO and Chairman of Merrimack's Board of Directors.
It is also possible that any distribution could be followed in the future by additional distributions, if it is determined that any reserved amounts no longer need to be reserved. Also, although not anticipated currently, additional amounts could be distributed in the event additional milestones are achieved under the Ipsen and Elevation Oncology agreements.