TMCnet News
Catalyst Biosciences Publishes New Investor PresentationProvides Details on Current Board’s Cash Distribution Plan and Efforts to Maximize the Amount of Cash Available for Distribution Company Commits to Distributing $45 Million to Stockholders in an Initial Distribution, if Proxy Contest and Litigation End Soon, and Without Much Additional Expense Highlights the Concerning Connections Between JDS1’s Nominees and the Singer Family Stockholders Urged to VOTE “FOR” ALL of Catalyst’s Nominees, Who Are Committed to the Company’s Cash Distribution Plan, on the WHITE Proxy Card SOUTH SAN FRANCISCO, Calif., Aug. 01, 2022 (GLOBE NEWSWIRE) -- Catalyst Biosciences, Inc. (NASDAQ: CBIO) (the “Company” or “we”) today published a detailed investor presentation in advance of its upcoming 2022 Annual Meeting of Stockholders (the “Annual Meeting”), scheduled to be held on August 15, 2022. We encourage stockholders to read the Company’s presentation, which can be seen by clicking on the link here. The presentation highlights the current Board’s commitment to returning all of its available cash (after reserving for or paying the Company’s liabilities and obligations) to stockholders. It also reiterates the overall strength of the Catalyst Board of Directors and encourages Catalyst stockholders to reelect the Company’s three highly qualified nominees by voting “FOR” ALL nominees on the WHITE proxy card. Key highlights from the presentation include: The Catalyst Board has taken decisive action to change the Company’s strategy and maximize stockholder value. The Board initiated a comprehensive review of strategic alternatives, which resulted in the monetization of a portion of the Company’s product portfolio for significant value. The Company then reduced operating expenses, shrunk the workforce to six employees, ceased all R&D, and sold lab equipment and other assets. The Board is committed to distributing all of the Company’s available cash expeditiously to stockholders, after reserving for liabilities and obligations (the “Cash Distribution Plan”). The Company has committed to announcing a record date for a substantial distribution of cash to stockholders as soon as the litigation with JDS1 and the proxy contest are resolved. If the litigation and proxy contest are concluded soon and without much additional expense, the Company expects that initial distribution to be $45 million. The Company estimates that it may ultimately be able to provide stockholders up to $65 million in cash, in one or more distributions, and will continue to pursue the monetization of the Company’s remaining assets, which may generate additional value. In addition, the Board appointed the Company’s largest single stockholder1 as an observer to the Board’s Transaction Committee to help oversee the management of this ongoing effort. We believe JDS1’s actions are driven by its desire to control Catalyst’s cash. JDS1 and the Singer family have a history of obtaining control or seeking to obtain control of cash-rich companies, then having those companies sign investment management contracts with Singer family entities. We are concerned, given the Singer family’s track record at CCUR Holdings and Symbolic Logic, that JDS1 is seeking to gain control of Catalyst’s cash for the benefit of the Singer family and associates. The Board and each of the Company’s nominees were instrumental in developing our Cash Distribution Plan and are fully committed to implementing it. The Board is focused on distributing the Company’s available cash as soon as practicable and will continue its efforts to monetize the Company’s remaining assets. On the other hand, JDS1’s nominees have no differentiated suggestions for improving Catalyst; they do, however, have numerous and longstanding ties to each other and the Singer family. Our Board has determined that the best way to maximize value for stockholders is to monetize the Company’s assets and distribute available cash to stockholders. We encourage stockholders to support Catalyst’s Board of Directors and the Cash Distribution Plan. Vote “FOR” ALL nominees on the WHITE proxy card. About Catalyst Biosciences Additional Information and Where to Find It Certain Information Regarding Participants in the Solicitation Forward-Looking Statements Contact Information 1 Source: FactSet |