Palatin announces adjournment of annual meeting of shareholders
CRANBURY, New Jersey, June 10, 2021 / PRNewswire / – Palatin Technologies, Inc. (“Palatin”) (NYSE American: PTN) announced that its 2021 annual meeting of shareholders which met on June 8, 2021, was adjourned until July 8, 2021 at 9:00 a.m. Eastern Daylight Time solicit additional proxies for proposition 3, approval of an amendment to our certificate of incorporation to effect an increase in authorized common shares from 300,000,000 shares to 400,000,000 shares. The adjourned meeting will be a fully “virtual” meeting of shareholders, and shareholders will be able to listen and participate in the virtual annual meeting as well as vote and submit your questions during the live webcast of the meeting by visiting http://www.virtualshareholdermeeting.com/PTN2021 and entering the 16-digit control number included in your Notice of Availability of Power of Attorney Materials, on your Power of Attorney Card or in the instructions that accompanied your Power of Attorney Materials.
The Board of Directors believes that approval of Proposal 3 is in the best interest of Palatin and its shareholders, as although Palatin does not currently intend to offer additional shares in the foreseeable future, a increase provides future flexibility and the necessary resources that Palatine requires. to take advantage of any strategic opportunity that could lead to an increase in shareholder value. Proposal 3 is described in more detail in the Palatine proxy circular dated April 26, 2021, delivered to shareholders as part of the 2021 Annual Meeting. The main independent proxy voting advisory groups (Institutional Shareholder Services and Glass Lewis) have recommended that shareholders vote FOR Proposal 3.
We have seen strong shareholder support for Proposition 3. At the time of the meeting, approximately 69% of the shares that had been voted on Proposition 3 were voted in favor. However, the votes in favor were less than the absolute majority of all outstanding shares, which is required for the approval of this proposal. Proposals 1, 2 and 4 were approved at the annual meeting.
Palatin encourages any shareholder who has not yet voted their shares on Proposition 3 or who is unsure if their shares have been voted on Proposition 3 to contact their broker or bank. The board of directors and management ask the shareholders on the date of registration, April 13, 2021, to vote their proxies as soon as possible, but at the latest July 7, 2021 at 11:59 p.m. (Eastern Daylight Time). Shareholders who have already submitted their proxy or voted for the annual meeting and who do not wish to change their vote do not need to take any action. For questions regarding the voting of shares or to request additional or misplaced proxy voting materials, please contact the Palatin Proxy Advisory Group at [email protected]
As described in the proxy circular, a shareholder can use one of the following simple methods to vote before the July 8, 2021 meeting adjourned with regard to proposal 3:
- By Internet – www.proxyvote.com. If you have Internet access, you can send your voting instructions until 11:59 p.m. Eastern Daylight Time, the day before the date of the adjournment of the meeting, that is to say, July 7, 2021. Go to www.proxyvote.com. You must have your proxy card or notice on hand when you access the website and follow the instructions to obtain your records and create an electronic voting instruction form.
- By phone – 1-800-690-6903. You can vote using any touch-tone telephone to transmit your voting instructions until 11:59 p.m. Eastern Daylight Time, the day before the date of the meeting, that is to say July 7, 2021. Call 1-800-690-6903 toll free. You must have your proxy card or notice handy when you call this number and then follow the instructions.
- By email – Mark, sign and date your power of attorney and return it in the postage-paid envelope we have provided.
Votes must be received by 11:59 p.m. Eastern Daylight Time at July 7, 2021 be counted. After this deadline, the only way to vote is at the adjourned annual meeting on July 8, 2021, 9:00 a.m. Eastern Daylight Time at http://www.virtualshareholdermeeting.com/PTN2021.
About the Palatine
Palatin is a biopharmaceutical company that develops first-in-class drugs based on molecules that modulate the activity of melanocortin receptor systems and natriuretic peptides, with targeted and receptor-specific product candidates for the treatment of diseases presenting significant unmet medical need and commercial potential. Palatin’s strategy is to develop products and then form marketing collaborations with industry leaders to maximize their business potential. For more information on Palatine, please visit the Palatine website at www.palatin.com.
Statements in this press release that are not historical facts, including statements about Palatin’s future expectations, such as statements about the need for shareholders to approve Proposal 3, are “forward-looking statements” within the meaning of article 27A of the Securities Act. of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. Palatin intends that such forward-looking statements be subject to the safety regulations created by them. These forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause Palatin’s actual results to differ materially from its historical results or from any results expressed or implied by such forward-looking statements. Palatin’s actual results may differ materially from those discussed in the forward-looking statements for reasons including, but not limited to, Vyleesi’s sales in United States and elsewhere in the world, the results of clinical trials, regulatory actions by the FDA and other regulatory bodies and the need for regulatory approvals, Palatin’s ability to fund the development of its technology and to establish and conduct well of clinical trials, the time and cost required to complete clinical trials and submit applications for regulatory approvals, products developed by competing pharmaceutical, biopharmaceutical and biotechnology companies, commercial acceptance of Palatin’s products and others factors discussed in Palatine’s periodic filings with the Securities and Exchange Commission. Palatin is not responsible for updating events after the date of this press release.
In connection with the solicitation of proxies, on April 26, 2021, Palatin has filed a definitive proxy statement with the Securities and Exchange Commission (“SEC”) in connection with the 2021 Palatin annual meeting. SHAREHOLDERS ARE STRONGLY ADVISED TO READ THE FINAL PROXY DOCUMENTS AND ANY OTHER RELEVANT SOLICITATION DOCUMENTS FILED BY PALATIN TECHNOLOGIES, INC. WITH THE SEC BEFORE MAKING ANY VOTING OR INVESTMENT DECISION AS THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION. Palatin’s proxy statement and any other documents filed by Palatin with the SEC can be obtained free of charge from the SEC’s website at www.sec.gov. Palatin’s proxy circular, the notice of the annual meeting and the annual report to shareholders are available free of charge on the Palatin website at www.palatin.com. The content of the websites referenced above is not deemed to be incorporated by reference into the proxy statement.
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SOURCE Palatin Technologies, Inc.