Vyant Bio Announces 77,522 Votes Needed to Approve Sale of Assets 175,721 Votes Needed to Approve Winddown of Business Adjournment of Special Meeting of Stockholders
CHERRY HILL, N.J., Oct. 11, 2023 (GLOBE NEWSWIRE) -- Vyant Bio, Inc. ("Vyant Bio" or "Company") (OTC:VYNT), today announced that its special meeting of stockholders on September 28, 2023 (the "Special Meeting") was reconvened and then adjourned, without conducting any business, in order to provide stockholders additional time within which to vote on the proposals as described in the Company's definitive proxy statement filed with the Securities and Exchange Commission on August 16, 2023 (the "Proxy Statement").
The adjourned Special Meeting will reconvene on October 19, 2023 at 11:00 a.m. Eastern Time at https://www.viewproxy.com/vynt/2023. The record date of August 4, 2023 for the adjourned Special Meeting remains the same. Stockholders of record may attend the virtual webcast meeting by logging in through the same method.
During this adjournment, the Company will continue to solicit votes from its stockholders in favor of Proposal 1 to approve the sale of all or substantially all of the assets of the Company pursuant to the Asset Purchase Agreement dated July 13, 2023, by and between AxoSim, the Company and StemoniX, Inc., and Proposal 2 to approve the voluntary liquidation and dissolution of the Company, pursuant to a Plan of Liquidation and Dissolution. The Company is required to receive 50% or more of the outstanding shares to vote in favor of Proposals 1 and 2 for these proposals to pass. The Company's board of directors believes approval of Proposals 1 and 2 is advisable and in the best interests of the Company and our stockholders for the reasons described in our Proxy Statement. We believe there is significant support for Proposals 1 and 2. At the time of the Special Meeting's adjournment, Proposal 1 had received approximately 96.0% affirmative votes and requires an additional 77,522 votes required to pass Proposal 1; and Proposal 2 had received approximately 93.0% affirmative votes and requires an additional 175,721votes required to pass Proposal 2. Approximately 50.8% of the Company's shares having cast votes. The Company plans to continue to seek approval of these proposals with continued investor outreach.
Stockholders who have already voted their shares on the proposals contained in the Proxy Statement do not need to vote again. Proxies previously submitted will be voted at the adjourned Special Meeting, and stockholders who have previously submitted a proxy or otherwise voted need not take any action.
Vyant Bio encourages all stockholders, as of the record date on August 4, 2023, who have not yet voted to do so promptly to reduce future costs to facilitate the proxy voting process and operating the Company.
Stockholders may use the Proxy Card that they were originally provided with or vote in the manner as set forth in the Proxy Statement. Stockholders who have questions or require any assistance in voting their shares may contact Alliance Advisors LLC by calling 866-407-1665 or sending an email to [email protected].
ABOUT VYANT BIO, INC.
Vyant Bio, Inc. ("Vyant Bio" or the "Company") (OTC:VYNT) has historically been a company that incorporates innovative biology and data science to improve drug discovery for complex neurodevelopmental and neurodegenerative disorders. The Company's proprietary central nervous system ("CNS") drug discovery platform combines human-derived organoid models of brain disease, scaled biology, and machine learning. Vyant Bio's platform is designed to (i) elucidate disease pathophysiology; (ii) formulate key therapeutic hypotheses; (iii) identify and validate drug targets, cellular assays, and biomarkers to guide candidate molecule selection; and (iv) guide clinical trial patient selection and trial design.
For more information, please visit Vyant Bio at:
Internet: www.vyantbio.com
Additional Information and Where to Find It
In connection with the transaction, Vyant Bio filed relevant materials with the Securities and Exchange Commission (the "SEC"), including a Proxy Statement. INVESTORS AND SECURITY HOLDERS OF VYANT BIO ARE URGED TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, AND RELATED MATTERS. The Proxy Statement and any other documents filed by Vyant Bio with the SEC, may be obtained free of charge at the SEC website at www.sec.gov.
Forward Looking Statements:
Any statements in this press release about future expectations, plans and prospects for the Company, including but not limited to statements about its ability to satisfy closing conditions and consummate the sale of assets to AxoSim, the ability of creditors, shareholders and other stakeholders to realize any value or recovery as part of a transaction or a liquidation or wind down process, the ability of the Company to continue as a going concern, the adequacy or sufficiency of the Company's existing cash resources, and other statements containing the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "likely," "will," "would," "could," "should," "continue," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the Company's ability consummate the AxoSim transaction, to continue to pay its obligations in the ordinary course of business as they come due; the ability to further reduce expenses, the adequacy of its capital resources in light of changing circumstances, the actions of creditors of the Company, AxoSim's ability to satisfy the milestones for future payments and such other important factors as are set forth in the Company's annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports and other filings on file thereafter with the U.S. Securities and Exchange Commission and the Pink Open Market operated by OTC Markets Group Inc. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this press release.
Investor Contact:
Vyant Bio, Inc.
Andrew LaFrence, President, Chief Executive Officer and Chief Financial Officer
Email: [email protected]
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