Sio Gene Therapies, Inc. to File for Dissolution and Declare an Initial Liquidating Distribution of $0.435 Per Share
PARSIPPANY, N.J., Feb. 02, 2024 (GLOBE NEWSWIRE) -- Sio Gene Therapies, Inc. ("Sio") today announced that it expects to file a certificate of dissolution (the "Certificate of Dissolution") with the Secretary of State of the State of Delaware, as contemplated by the Plan of Complete Liquidation and Dissolution (the "Plan") previously approved by Sio's Board of Directors and stockholders, on February 7, 2024. The Certificate of Dissolution, which is expected to become effective at 4:00 p.m. Eastern Time on February 7, 2024 (the "Effective Time"), provides for the dissolution of Sio under the General Corporation Law of the State of Delaware (the "DGCL").
In connection with the filing of the Certificate of Dissolution, effective as of the Effective Time, Sio will close its stock transfer books and discontinue recording transfers of its common stock, par value $0.00001 (the "Common Stock"). As a result, upon the Effective Time, holders of the Common Stock will no longer able to transfer record or beneficial ownership of the Common Stock, other than transfers by will, intestate succession or operation of law. Any future distributions made by Sio will be made solely to the stockholders of record as of the Effective Time, except as may be necessary to reflect subsequent transfers recorded on Sio's transfer books as a result of any transfers by will, intestate succession or operation of law.
Holders of the Common Stock as of the Effective Time will retain the right to receive distributions pursuant to and in accordance with Sio's Plan and the DGCL. In that regard, Sio's Board of Directors has declared an initial cash liquidating distribution of $32,511,587, or $0.435 per share of Common Stock, to be paid on or about February 8, 2024 to stockholders of record as of the Effective Time.
Under the DGCL, Sio has up to three years to finalize the dissolution process. Sio plans to retain approximately $7,200,000 (plus any interest thereon) to cover dissolution-related operating expenses and any unknown contingent liabilities over this time. Sio currently expects to pay remaining cash to stockholders in one or more subsequent liquidating distributions, subject to uncertainties inherent in winding up its business. Sio cannot provide any assurances with respect to the amounts of any such subsequent liquidating distributions or the timing thereof.
About Sio Gene Therapies, Inc.
Sio was a clinical-stage company focused on developing gene therapies to radically transform the lives of patients with neurodegenerative diseases. Sio ceased its development programs in mid-2022. Its stockholders voted to dissolve Sio and its remaining 3 foreign subsidiaries in April 2023. The dissolution of the foreign subsidiaries was completed in January 2024.
Company Contact:
David Nassif
CEO/CFO
Sio Gene Therapies, Inc.
