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Sinovac Biotech Ltd. (NASDAQ: SVA) - Sinovac Update on the Exchange of Rights for Common and Series B Preferred Shares -- 9/3/2019.

BEIJING -- (BUSINESS WIRE) -- Sinovac Biotech Ltd. (NASDAQ:SVA) ("Sinovac" or the "Company"), a leading provider of biopharmaceutical products in China, today issued an update on the Exchange of Rights for Common and Series B Preferred Shares announced February 22, 2019.

On February 22, 2019, as announced by press release, the Sinovac Board of Directors effectuated an Exchange of Rights held by certain Sinovac's shareholders for a combination of approximately 27.8 million Common Shares and approximately 14.6 million Series B Preferred Shares (the "Exchange Shares"), all of which the company issued into a trust for the benefit of the holders of the valid and outstanding Rights.

The Company now expects to hold the Exchange Shares in the Shareholder 2019 Rights Exchange Trust in the name of Wilmington Trust, National Association (the "Trustee") until the Court of Chancery of the State of Delaware has determined whether the conduct of 1 Globe Capital, LLC, Chiangjia Li, OrbiMed Advisors LLC and those additional shareholders who voted with the foregoing at the annual general meeting held in February 2018 (the "Collaborating Shareholders") triggered the Rights Agreement. The Exchange Shares remain issued and outstanding and holders of valid Rights may continue to submit certifications to verify that they are eligible for the Exchange.

On March 6, 2019, the Delaware Chancery Court entered a Status Quo order providing that Sinovac not distribute any of the Exchange Shares to rights holders until the final disposition of the pending Delaware litigation or further order of the Court. The trial in the Delaware Chancery Court is expected to be held within 60 to 90 days.

The Company will work with the Nasdaq Stock Market LLC to resume trading of the Common Shares as expeditiously as possible, but is unable to currently estimate when trading will resume.

http://www.sinovac.com/?optionid=754&auto_id=884

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Title Annotation:Media Releases
Publication:China Biotech
Date:Apr 10, 2019
Words:307
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