A leader in the development of minimally invasive devices for the treatment of refractory angina, is pleased to announce that its Shareholders (as defined below) have approved the previously-announced acquisition of all of the outstanding common shares of the Company (the “Shares”) by Shockwave Medical, Inc. (“Shockwave”) by way of a statutory plan of arrangement (the “Arrangement”) at the special meeting of Shareholders held today (the “Meeting”).
The special resolution approving the Arrangement was approved by: (i) 97.36% of the votes cast by the shareholders of the Company (the “Shareholders”) present in person or represented by proxy at the Meeting, and (ii) 97.21% of the votes cast by Shareholders, other than those Shareholders required to be excluded pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions, present in person or represented by proxy at the Meeting.
The Arrangement remains subject to the approval of the Supreme Court of British Columbia (the “Court”) and the satisfaction or waiver of other customary closing conditions. The Court hearing for the final order to approve the Arrangement is scheduled to take place on March 9, 2023, and the completion of the Arrangement is expected to occur in March 2023, on a date to be determined. Until the closing of the Arrangement, the parties remain separate independent companies. Following completion of the Arrangement, the Shares will be delisted from the Toronto Stock Exchange (the “TSX”) and the Nasdaq Capital Market (the “Nasdaq”). An application will also be made for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement. The Company will also deregister the Shares under the U.S. Securities Exchange Act of 1934, as amended.
Source: BioSpace
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