Vaxart Settles Proxy Contest, Reaches Cooperation Agreement with Activist Shareholder Group
VXRT has more than doubled off its 52-week low of $0.261.
Summary
Vaxart has entered into a cooperation agreement with a stockholder group, effectively resolving the ongoing proxy contest. This follows a series of SEC filings over the past two months, including PREC14A, DEFA14A, and DEFC14A, which detailed the activist group's efforts to elect new directors. The agreement, along with announced board and corporate governance enhancements, brings stability to the company and avoids a potentially costly and disruptive proxy fight.
At the time of this announcement, VXRT was trading at $0.61 on OTC in the Life Sciences sector, with a market capitalization of approximately $147.2M. The 52-week trading range was $0.26 to $0.84. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.