Enzo Biochem Reports Results of its Annual Meeting of Shareholders

Rhea-AI Summary

Enzo Biochem successfully approved all proposals at its 2022 Annual Meeting of Shareholders, enhancing corporate governance and prioritizing shareholder initiatives. Key proposals included the de-classification of the board structure (99% approval), election of directors (98% approval), an advisory vote on executive compensation (71% approval), and ratification of the public accounting firm (99% approval). CEO Hamid Erfanian emphasized the positive outcome reflects management’s commitment to long-term shareholder value.

Positive

• All proposals at the 2022 Annual Meeting received overwhelming shareholder approval, indicating strong investor support.
• CEO's statement highlights commitment to enhancing corporate governance and prioritizing shareholder-friendly initiatives.

Negative

• Advisory vote on executive compensation received only 71% approval, indicating some shareholder dissatisfaction.

FOR IMMEDIATE RELEASE

All Four Proposals Approved

NEW YORK, NY, April 12, 2022 (GLOBE NEWSWIRE) -- Enzo Biochem, Inc. (NYSE: ENZ) (“Enzo” or the “Company”), a leading biosciences and diagnostics company, announced the approval of all proposals presented at its most recent Annual Meeting of Shareholders.

“Approval of these proposals improves our corporate governance and allows our refreshed leadership team to further prioritize shareholder-friendly initiatives,” stated Hamid Erfanian, Chief Executive Officer of Enzo. “The positive outcome of the meeting also reflects management’s commitment to building long-term shareholder value and executing on our stated objectives. I would like to thank our shareholders for the critical role they played in achieving this outcome as well as their continued support.”

Summary of the 2022 Annual Shareholder Meeting Proposals

Proposal One – de-classify board structure, market standard vote requirements for various shareholder approvals, and a simplified accounting period and corporate purpose: each sub-proposal received the affirmative vote of the holders of approximately 99% of the voted shares and 80% of the outstanding votes.

Proposal Two – the election of directors: received the affirmative vote of the holders of 98% of the voted shares and 73% of the outstanding votes.

Proposal Three – the advisory vote to approve the compensation of our named executive officers: received the affirmative vote of the holders of 71% of the voted shares and 51% of the outstanding votes.

Proposal Four – the ratification of the Company’s public accounting firm: received the affirmative vote of the holders of 99% of the voted shares and 88% of the outstanding votes.

About Enzo Biochem

Enzo Biochem is a pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and intellectual property through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards. A global company, Enzo Biochem utilizes cross-functional teams to develop and deploy products, systems and services that meet the ever-changing and rapidly growing needs of health care today and into the future. Underpinning Enzo Biochem’s products and technologies is a broad and deep intellectual property portfolio, with patent coverage across a number of key enabling technologies.

For more information, please visit www.Enzo.com or follow Enzo Biochem on Twitter and LinkedIn.

Forward-Looking Statements

Except for historical information, the matters discussed in this release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management, including those related to cash flow, gross margins, revenues, and expenses which are dependent on a number of factors outside of the control of the Company including, inter alia, the markets for the Company’s products and services, costs of goods and services, other expenses, government regulations, litigation, and general business conditions. See Risk Factors in the Company’s Form 10-K for the fiscal year ended July 31, 2021. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this release.

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Enzo Biochem Contacts

For: Enzo Biochem:

David Bench, CFO
212-583-0100
dbench@enzo.com

For Media:

Lynn Granito
Berry & Company Public Relations
212-253-8881
lgranito@berrypr.com

For Investors:

Bob Yedid
LifeSci Advisors, LLC
646-597-6989
bob@lifesciadvisors.com

FAQ

What proposals were approved at the 2022 Annual Meeting of Enzo Biochem (ENZ)?

All proposals presented for vote were approved, including board de-classification and director elections.

What percentage of votes supported the election of directors at Enzo Biochem's Annual Meeting?

The election of directors received 98% support from the voted shares.

What was the outcome of the executive compensation vote at Enzo Biochem?

The advisory vote to approve executive compensation received a 71% approval rate.

What does the approval of the proposals at Enzo Biochem's meeting signify for shareholders?

It signifies a strong commitment to corporate governance and shareholder-friendly policies.

When was Enzo Biochem's 2022 Annual Meeting of Shareholders?

The meeting took place on April 12, 2022.