NeuBase Therapeutics Inc.'s second attempt to get shareholder approval for its dissolution plan didn't garner enough votes but the company plans another attempt at a later date.
NeuBase adjourned its special shareholder meeting a second time this month without a vote on a plan to liquidate the Pittsburgh-based biotech company and distribute its assets to shareholders. NeuBase announced last August it was ending its biodevelopment program and laid off most of its staff, and the board announced earlier this year the dissolution plan.
There were 1.37 million shares, 36.78% of its total, present at the meeting. That again wasn't enough shareholders to approve the plan of liquidation and dissolving of the company, which also this month was delisted from the Nasdaq stock exchange.
Todd Branning, CEO of NeuBase, told the Business Times in an email Thursday that the company would try again.
"We will continue to pursue the dissolution of NeuBase," he said. "There are mechanisms the company can implement in an effort to get the required shareholder approvals for the dissolution."
He said he couldn't provide any more details but they would be in future SEC filings.
NeuBase in SEC filings have estimated that between $500,000 and $2.5 million in assets could be returned to shareholders with the dissolution, between 13 cents and 67 cents a share.
