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Investor Group Successful in Request to Call Special Meeting of Stockholders of Pasithea Therapeutics
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Camac Partners, LLC, along with affiliates of Concord Investment Partners Ltd. and Leonite Capital LLC, have gained support from fellow stockholders of Pasithea Therapeutics Corp. (KTTA) to call a Special Meeting. The Investor Group is pushing for the removal of all current directors to enhance corporate governance and improve capital allocation. The group is prepared to petition the Delaware Court of Chancery if necessary, emphasizing the urgency for change and a commitment to value creation for shareholders.
Positive
Investor Group has sufficient support for a Special Meeting to address governance issues.
Removal of all current directors could lead to improved capital allocation and enhanced corporate governance.
Negative
Current board structure is perceived as inadequate, necessitating drastic action.
Potential delays in the Special Meeting could signal governance issues.
Believes Removing All Incumbent Directors Will Position Pasithea to Enhance Corporate Governance, Improve Capital Allocation and Deliver Long Term Value
Thanks Fellow Stockholders for Their Support
NEW YORK & TORONTO--(BUSINESS WIRE)--
Camac Partners, LLC, affiliates of Concord Investment Partners Ltd., and Leonite Capital LLC (collectively with their affiliates, the "Investor Group" or "we"), who together are one of the largest stockholders of Pasithea Therapeutics Corp. (Nasdaq: KTTA) (“Pasithea” or the “Company”), today announced that the Investor Group has received sufficient support from its fellow stockholders to request the call of a Special Meeting of Stockholders (the “Special Meeting”). Accordingly, the Investor Group has formally commenced the process of calling the Special Meeting and issued the following statement:
“We are very pleased that our fellow stockholders agree that change is needed at Pasithea and support our call for the Special Meeting. We firmly believe that removing all sitting directors will position Pasithea to enhance its corporate governance, improve capital allocation and unlock significant value for all stockholders. We expect Pasithea to move expeditiously to call the Special Meeting, as required by its organizational documents, and not to use any delay tactics to try to prevent stockholders’ voices from being heard.”
At the Special Meeting, the Investor Group plans to seek the removal of all of Pasithea’s sitting directors. Delaware law provides a clear mechanism whereby stockholders can petition the Delaware Court of Chancery to hold an election if all directors are removed or if the remaining directors constitute less than a majority of the total directorships. If necessary, the Investor Group is prepared to make such a petition.
Additional Information and Where to Find It
Concord IP2 Ltd., Elderhill Corporation, David Delaney, Leonite Capital LLC, Leonite Fund I, LP, Avi Geller, Camac Partners, LLC, Camac Capital, LLC, Camac Fund, LP and Eric Shahinian (collectively, the “Stockholder Group”) have requested the call of the Special Meeting. Additional information regarding the members of the Stockholder Group, including the respective direct or indirect interests of such members, by security holdings or otherwise, will be included in the proxy statement and other relevant documents to be filed with the Securities and Exchange Commission (the “SEC”) by the Stockholder Group in connection with the Special Meeting. Information relating to the foregoing can also be found in the filings previously made by the members of the Stockholder Group with the SEC.
Promptly after filing its definitive proxy statement with the SEC for the Special Meeting, the Stockholder Group intends to furnish that proxy statement to Pasithea’s stockholders, together with a WHITE proxy card. STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders may obtain, free of charge, the Stockholder Group’s preliminary and definitive proxy statement, any amendments or supplements thereto, and other relevant documents filed by the Stockholder Group or its members with the SEC at the SEC’s website (http://www.sec.gov). Copies of the Stockholder Group’s definitive proxy statement, any amendments and supplements thereto, and any other relevant documents filed by the Stockholder Group or its members with the SEC will also be available, free of charge, by contacting the Stockholder Group’s proxy solicitor, InvestorCom LLC, at 19 Old Kings Highway S., Suite 210, Darien, CT 06820, or by phone at (203) 972-9300.
