Acorda Therapeutics Announces Adjournment of Special Meeting of Stockholders
July 31 2020 - 12:45PM
Business Wire
Scheduled to Reconvene August 28, 2020 at 9:00
a.m. Eastern Time at Company Headquarters to Vote on Proposal
One
Acorda Therapeutics, Inc. (Nasdaq: ACOR) convened its Special
Meeting of Stockholders on July 31, 2020, and stockholders approved
proposals to authorize the Company’s Board of Directors to
implement a reverse stock split, and to adjourn the meeting to
provide stockholders with additional time to vote on Proposal One
to approve an increase to the number of authorized shares of common
stock. The Special Meeting will be reconvened on Friday, August 28,
2020 at 9:00 a.m. Eastern Time at the Company’s principal executive
office located at 420 Saw Mill River Road, Ardsley, NY 10502. The
sole matter of business before the reconvened Special Meeting will
be Proposal One.
Stockholders have thus far strongly supported Proposal One. At
the time the meeting was convened on July 31, 2020, approximately
80% of the shares that had been voted on Proposal One had been
voted in its favor. However, the favorable votes were less than the
absolute majority of all outstanding shares on the record date
needed for approval. Proposals Two and Three were approved at the
Special Meeting. Each of these proposals are described in the
Company’s definitive proxy statement for the Special Meeting, which
was filed with the Securities and Exchange Commission on July 6,
2020.
The record date for determining stockholders eligible to vote on
Proposal One at the Special Meeting remains June 29, 2020.
Acorda strongly encourages any eligible stockholder that has not
yet voted their shares, or provided voting instructions to their
broker or other record holder, to do so promptly. No action is
required by any stockholder who has previously delivered a proxy
and who does not wish to revoke or change that proxy.
Shares may be voted via the Internet or by telephone. Questions
should be addressed to the Company’s proxy solicitor: Innisfree
M&A Incorporated TOLL-FREE, at 1-877-717-3929 from 10:00 a.m. –
6:00 p.m. Eastern Time on Monday – Friday, and from 10:00 a.m. –
2:00 p.m. Eastern Time on Saturdays.
Additional Information
This communication may be deemed to be solicitation material in
respect of Proposal One. On July 6, 2020, Acorda Therapeutics, Inc.
filed a definitive proxy statement with the Securities and Exchange
Commission (“Commission”) in connection with the Special Meeting.
STOCKHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE
PROXY STATEMENT AND ANY OTHER SOLICITING MATERIALS THAT ARE FILED
WITH THE COMMISSION WHEN THEY BECOME AVAILABLE BECAUSE THESE
DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY AND THE
PROPOSAL TO BE VOTED UPON. The Company’s proxy statement and any
other solicitation materials filed by the Company with the
Commission can be obtained free of charge at the Commission’s
website at www.sec.gov and at the investor relations section of the
Company’s website at www.acorda.com. Stockholders may also write to
the Company at the following address to request copies of these
materials: Acorda Therapeutics, Inc., 420 Saw Mill River Road,
Ardsley, NY 10502 Attention: Communications Department. The
Company, its directors and certain of its officers and employees
will be participants in the solicitation of proxies from
stockholders in respect of the Special Meeting. The Company has
also engaged Innisfree M&A Incorporated to aid in the
solicitation of proxies. Detailed information regarding the
identity of participants, and their respective interests in the
Company by security holdings or otherwise, are set forth in the
definitive proxy statement for the Special Meeting. The contents of
the websites referenced above are not deemed to be incorporated by
reference into the proxy statement.
About Acorda Therapeutics
Acorda Therapeutics develops therapies to restore function and
improve the lives of people with neurological disorders. INBRIJA™
(levodopa inhalation powder) is approved for intermittent treatment
of OFF episodes in adults with Parkinson’s disease treated with
carbidopa/levodopa. INBRIJA is not to be used by patients who take
or have taken a nonselective monoamine oxidase inhibitor such as
phenelzine or tranylcypromine within the last two weeks. INBRIJA
utilizes Acorda’s innovative ARCUS® pulmonary delivery system, a
technology platform designed to deliver medication through
inhalation. Acorda also markets the branded AMPYRA® (dalfampridine)
Extended Release Tablets, 10 mg.
Forward-Looking Statements
This press release includes forward-looking statements. All
statements, other than statements of historical facts, regarding
management's expectations, beliefs, goals, plans or prospects
should be considered forward-looking. These statements are subject
to risks and uncertainties that could cause actual results to
differ materially, including: we may not be able to successfully
market INBRIJA or any other products under development; the
COVID-19 pandemic, including related quarantines and travel
restrictions, and the potential for the illness to affect our
employees or consultants or those that work for other companies we
rely upon, could have a material adverse effect on our business
operations or product sales; we may need to raise additional funds
to finance our operations, repay outstanding indebtedness or
satisfy other obligations, and we may not be able to do so on
acceptable terms or at all; risks associated with complex,
regulated manufacturing processes for pharmaceuticals, which could
affect whether we have sufficient commercial supply of INBRIJA to
meet market demand; third party payers (including governmental
agencies) may not reimburse for the use of INBRIJA or our other
products at acceptable rates or at all and may impose restrictive
prior authorization requirements that limit or block prescriptions;
competition for INBRIJA, AMPYRA and other products we may develop
and market in the future, including increasing competition and
accompanying loss of revenues in the U.S. from generic versions of
AMPYRA (dalfampridine) following our loss of patent exclusivity;
the ability to realize the benefits anticipated from acquisitions,
among other reasons because acquired development programs are
generally subject to all the risks inherent in the drug development
process and our knowledge of the risks specifically relevant to
acquired programs generally improves over time; the risk of
unfavorable results from future studies of INBRIJA (levodopa
inhalation powder) or from our other research and development
programs, or any other acquired or in-licensed programs ; the
occurrence of adverse safety events with our products; the outcome
(by judgment or settlement) and costs of legal, administrative or
regulatory proceedings, investigations or inspections, including,
without limitation, collective, representative or class action
litigation; failure to protect our intellectual property, to defend
against the intellectual property claims of others or to obtain
third party intellectual property licenses needed for the
commercialization of our products; and failure to comply with
regulatory requirements could result in adverse action by
regulatory agencies.
These and other risks are described in greater detail in our
filings with the Securities and Exchange Commission. We may not
actually achieve the goals or plans described in our
forward-looking statements, and investors should not place undue
reliance on these statements. Forward-looking statements made in
this press release are made only as of the date hereof, and we
disclaim any intent or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20200731005396/en/
Tierney Saccavino (917) 783-0251 tsaccavino@acorda.com
Acorda Therapeutics (NASDAQ:ACOR)
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