Zynerba Pharmaceuticals Announces Further Adjournment of Annual Meeting
28 Juin 2023 - 10:05PM
Zynerba Pharmaceuticals, Inc. (Nasdaq: ZYNE) (the “Company”), the
leader in innovative pharmaceutically-produced transdermal
cannabinoid therapies for orphan neuropsychiatric disorders, today
announced that the adjourned 2023 Annual Meeting of Stockholders
(“Annual Meeting”) was reconvened and then adjourned, without
conducting any business, in order to provide stockholders
additional time to consider and vote on Proposal 2 to amend the
Sixth Amended and Restated Certificate of Incorporation of the
Company to effect a reverse stock split of the Company’s
outstanding shares of common stock by a ratio of any whole number
between 1-for-2 and 1-for-50, at any time prior to November 1,
2023, the implementation and timing of which shall be subject to
the discretion of the Board of Directors of the Company.
The Company believes there is significant
support for Proposal 2. At the time of the reconvened Annual
Meeting approximately 46.9% of the outstanding shares entitled to
vote had voted in favor of Proposal 2; however, because Proposal 2
must be approved by a majority of the outstanding shares entitled
to vote, it has not yet received a sufficient number of votes in
its favor. The Company’s Board of Directors continues to believe
that Proposal 2 is advisable and that it is in the best interests
of the Company’s stockholders to consider and act upon Proposal
2.
The Annual Meeting will be reconvened on July
27, 2023 at 9:00 am EDT, and will be a “virtual” meeting of
stockholders. The record date for the adjourned Annual Meeting
continues to be April 17, 2023. A stockholder may use one of the
following simple methods to vote:
Vote by Internet at www.voteproxy.com until
11:59 PM EDT on July 26, 2023 using the control number appearing on
the proxy card.
Vote by telephone by calling the toll-free
telephone number 1-800-776-9437 until 11:59 PM EDT on July 26, 2023
using their control number appearing on the proxy card.
Vote by mail by marking, dating and signing the
proxy card, and returning it in the postage-paid envelope provided
to American Stock Transfer & Trust Company, LLC.
Vote at the virtual Annual Meeting by joining
the meeting at https://web.lumiagm.com/236626312 (password:
zyne2023) using the control number included on the proxy card.
Proxies previously submitted with respect to
Proposal 2 will be voted at the reconvened Annual Meeting unless
properly revoked; stockholders who have previously submitted their
proxy or otherwise voted with respect to Proposal 2 and who do not
want to change their vote need not take any action.
Details of the reverse stock split are included
in the Company’s Proxy Statement for the Annual Meeting. The
primary objective of implementing a reverse split is to satisfy the
minimum bid price requirement for continued listing on the Nasdaq
Capital Market. The Company’s Board believes that effecting the
reverse split would increase the price of our common stock which
would, among other things, help the Company to meet certain
continued listing requirements of the Nasdaq Capital Market, appeal
to a broader range of investors to generate interest in the
Company, and improve perception of the Company’s common stock as an
investment security.
If stockholders have any questions or need
assistance with processing their vote, please contact the Company’s
proxy solicitor, MacKenzie Partners, Inc. (email:
proxy@mackenziepartners.com, or toll free: 1-800-322-2885).
About Zynerba Pharmaceuticals,
Inc.
Zynerba Pharmaceuticals is the leader in
innovative pharmaceutically-produced transdermal cannabinoid
therapies for orphan neuropsychiatric disorders. We are committed
to improving the lives of patients and their families living with
severe, chronic health conditions including Fragile X syndrome and
22q11.2 deletion syndrome. Learn more at www.zynerba.com and follow
us on Twitter at @ZynerbaPharma.
Cautionary Note on Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. We may, in some cases, use terms such as
“predicts,” “believes,” “potential,” “proposed,” “continue,”
“estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,”
“could,” “might,” “will,” “should” or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. Such statements are subject to numerous
important factors, risks and uncertainties that may cause actual
events or results to differ materially from the Company’s current
expectations. These and other risks are described in the Company’s
periodic reports, including the annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K,
filed with or furnished to the Securities and Exchange Commission
and available at www.sec.gov. Any forward-looking statements
that the Company makes in this press release speak only as of the
date of this press release. The Company assumes no obligation to
update forward-looking statements whether as a result of new
information, future events or otherwise, after the date of this
press release.
Zynerba Contacts
Peter VozzoICR WestwickeOffice: 443.213.0505Cell:
443.377.4767Peter.Vozzo@Westwicke.com
Zynerba Pharmaceuticals (NASDAQ:ZYNE)
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