iBio Announces Partial Adjournment of Annual Meeting of Shareholders to January 31, 2022

Rhea-AI Summary

iBio, Inc. (NYSE: IBIO) has partially adjourned its 2021 Annual Meeting of Shareholders to allow further voting on two key proposals: a Reverse Stock Split and a Change in Authorized Shares. As of now, shareholders are supporting these proposals by a 2-to-1 margin. The Annual Meeting will reconvene on January 31, 2022, at 9:00 a.m. Eastern time. The company encourages those who have not yet voted or who voted against the proposals to reconsider their stance.

Positive

• Shareholders support the Reverse Stock Split and Change in Authorized Shares by a 2-to-1 margin.
• Additional time given for shareholders to vote may lead to increased approval rates.

Negative

• Adjournment indicates possible initial lack of support for critical proposals.

- Shareholders Continue to Support Reverse Split and Authorized Share Proposals by a 2-to-1 Margin -

BRYAN, Texas, Dec. 22, 2021 (GLOBE NEWSWIRE) -- iBio, Inc. (NYSEA:IBIO) (“iBio” or the “Company”), a developer of next-generation biopharmaceuticals and pioneer of the sustainable, plant-based FastPharming Manufacturing System^®, today announced that it has adjourned its 2021 Annual Meeting of Shareholders (the “Annual Meeting”) with respect to Proposals 4 and 5.

The Company partially adjourned the Annual Meeting on December 9, 2021 with respect to Proposal 4 (Reverse Stock Split) and Proposal 5 (Change in Authorized Shares) to allow those stockholders who hold approximately 40% of the unvoted shares more time to vote. iBio subsequently received additional votes “FOR” the proposals, as well as support from a number of shareholders who changed their “against” votes. Given that voting is still trending in favor of these proposals, the Company has adjourned the reconvened Annual Meeting to provide its shareholders additional time to vote. The Annual Meeting will resume with respect to Proposal 4 and 5 at 9:00 a.m. Eastern time on January 31, 2022 and can be accessed at www.virtualshareholdermeeting.com/IBIO2021.

If you have already voted your shares “FOR” Proposals 4 and 5, we thank you. If you did not yet vote, abstained, or voted against, we kindly ask you to vote, or to reconsider your vote.

For additional information on the Proposals, please see our Shareholder Vote FAQ.

About iBio, Inc. 

iBio is a developer of next-generation biopharmaceuticals and a pioneer in sustainable, plant-based biologics manufacturing. Its FastPharming System^® combines vertical farming, automated hydroponics, and novel glycosylation technologies to rapidly deliver high-quality monoclonal antibodies, antigens, and other proteins. iBio is developing proprietary biopharmaceuticals for the treatment of cancers, as well as fibrotic and infectious diseases. The Company’s wholly-owned subsidiary, iBio CDMO LLC, provides FastPharming Contract Development and Manufacturing Services along with Glycaneering  Development Services™ for advanced recombinant protein design. For more information, visit www.ibioinc.com.
  
Contact: 

Stephen Kilmer 
iBio, Inc. 
Investor Relations 
(646) 274-3580 
skilmer@ibioinc.com

FAQ

What is the latest update on iBio's Annual Meeting scheduled for January 31, 2022?

The Annual Meeting has been adjourned to provide additional time for shareholder voting on the Reverse Stock Split and Change in Authorized Shares proposals.

What proposals are being voted on at iBio's Annual Meeting?

The proposals include a Reverse Stock Split and a Change in Authorized Shares.

What voting support do the proposals at iBio's Annual Meeting currently have?

The proposals are currently supported by shareholders at a 2-to-1 margin.

Why was the iBio Annual Meeting adjourned?

The meeting was adjourned to allow shareholders who hold approximately 40% of unvoted shares more time to vote.