Mast Therapeutics Inc (NYSEMKT:MSTX) reported that the Special Meeting of Stockholders conducted earlier was convened and deferred without any operations being performed other than the adjournment. This meeting will reconvene on April 27 while the record date for shareholders entitled to vote will remain unchanged, that is, March 13, 2017.
The adjournment will permit for the solicitation of surplus votes on the proposals enclosed in Mast’s prospectus/information statement/ proxy statement. While the reverse split, the name change, and merger with Savara Inc. proposals are all surpassing 90% approval depending on votes cast so far, approval of over 50% of all due shares of company’s common stock is required to get a quorum and for the deal to proceed.
At the meeting, it was considered that the holders of a sufficient count of the Mast’s due common stock have not yet filed proxies to show how their shares should be casted and additional time was required to collect the needed votes.
Brian M. Culley, the CEO of Mast, reported that they are delighted with the strong support for the offers depending on the votes recorded so far. However, more shareholders need to contribute in the special meeting for support of the deal and the related proposals.
Depending on progress recorded so far, they consider reconvening the meeting will offer sufficient time to get the required votes to proceed with the merger. During the adjournment period, the company will continue to ask proxies from its shareholders of record as of March 13. The company has engaged a second proxy attorney, Alliance Advisors, to extend the outreach to a larger number of shareholders. Shareholders who have previously voted are not required to recast their votes.
As previously reported, top independent proxy advisory companies, Institutional Shareholder Services Inc. and Glass, Lewis & Co., LLC recommended that Mast shareholders vote “FOR” the deal and the related proposals.