Dr. Morris C. Laster Issues An Open Letter To Scopus BioPharma Inc. Stockholders In Connection With Upcoming Annual Meeting

Rhea-AI Summary

Dr. Morris C. Laster, a major shareholder of Scopus BioPharma Inc. (Nasdaq: SCPS), has issued an open letter to stockholders ahead of the Annual Meeting on December 20, 2021. He criticizes the management's financial performance and calls for the removal of current Board members, urging stockholders to vote for his nominees. Dr. Laster highlights ongoing equity dilution and misrepresentation of litigation facts, stressing the need for new independent directors to protect shareholders' interests. Stockholders as of August 16, 2021, can vote using the BLUE proxy card.

Positive

• Dr. Laster beneficially owns 6,006,000 shares, indicating strong personal investment.
• Calls for independent and responsible stewardship of the company with new director nominees.

Negative

• The company exhibits ongoing financial underperformance and a declining stock price.
• Continuous dilutive equity issuances and self-dealing activities threaten shareholder value.
• Management has allegedly misrepresented litigation facts, raising concerns over transparency.

NEW YORK and JERUSALEM, Dec. 6, 2021 /PRNewswire/ -- Dr. Morris C. Laster ("Dr. Laster"), who, together with the other proxy participants, beneficially owns 6,006,000 shares of common stock, par value $0.001 in Scopus BioPharma Inc. (Nasdaq: SCPS) ("Scopus" or the "Company"), issued an open letter to Scopus stockholders today in connection with the Company's upcoming Annual Meeting.  The open letter highlights the following key points and encourages stockholders to vote for Dr. Laster's director nominees:

• The Company's continuing financial underperformance and plummeting stock price demonstrate the ineffectiveness of management and the current Board of Directors.
• The Company continues to engage in dilutive equity issuances, self-dealing, and related party transactions with HCFP/Capital Partners and its affiliates, to the detriment of Scopus stockholders.
• The Company continues to misrepresent key facts regarding the ongoing litigation with Dr. Laster in the Delaware Court of Chancery. 
• The Stockholder Group calls on the Company to completely resolve the litigation.
• The current Board has failed – do the right thing and vote them out!

Dr. Laster urges ALL Scopus stockholders to vote on the BLUE proxy card "FOR" the election of Dr. Laster's highly qualified director nominees, Mordechai Saar Hacham and Joshua Levine.  Doing so will send a strong message to Scopus's management and Board that stockholders want new directors who will act as responsible, independent stewards of this public company.

Stockholders of record as of August 16, 2021 are entitled to vote at the Annual Meeting on December 20 and may obtain a copy of Dr. Laster's proxy materials and the BLUE proxy card by contacting Dr. Laster's proxy solicitation agent, Georgeson LLC, toll-free at (866) 695-6078.

Dr. Laster's letter to Scopus stockholders can be found at: https://www.sec.gov/Archives/edgar/data/0001772028/000110465921145931/tm2133704d1_dfan14a.htm

Certain Information Concerning the Participants

Dr. Laster, together with the other proxy participants, has filed a proxy statement and accompanying BLUE proxy card with the SEC to be used to solicit votes for the election of his slate of highly-qualified director nominees at the Company's 2021 Annual Stockholder Meeting.

The participants in the proxy solicitation are Dr. Morris C. Laster, Chen Laster, Gabriella Laster, Sara Laster, Mordechai Saar Hacham and Joshua Levine.

As of the date hereof, Dr. Laster beneficially owns 6,006,000 shares of shares of common stock, par value $0.001 per share of the Company ("Common Stock"), comprised of (i) 4,926,000 shares of Common Stock over which Dr. Laster claims sole beneficial ownership and (ii) 360,000 shares of Common Stock held by each of his daughters, Chen Laster, Gabriella Laster and Sara Laster, or 1,080,000 shares of Common Stock in the aggregate, over which Dr. Laster claims shared beneficial ownership on account of Dr. Laster, Chen Laster, Gabriella Laster and Sara Laster constituting a group. As of the date hereof, none of Messrs. Hacham or Levine beneficially own any shares of Common Stock.

 

View original content:https://www.prnewswire.com/news-releases/dr-morris-c-laster-issues-an-open-letter-to-scopus-biopharma-inc-stockholders-in-connection-with-upcoming-annual-meeting-301437169.html

SOURCE Dr. Morris C. Laster

FAQ

What are Dr. Laster's main concerns about Scopus BioPharma (SCPS)?

Dr. Laster criticizes the company's financial underperformance, dilutive equity issuances, and misrepresentation in ongoing litigation.

When is the Scopus BioPharma Annual Meeting for stockholders?

The Annual Meeting is scheduled for December 20, 2021.

How many shares does Dr. Laster own in Scopus BioPharma (SCPS)?

Dr. Laster beneficially owns 6,006,000 shares of Scopus BioPharma.

What proxy card should Scopus stockholders use to vote for Dr. Laster's nominees?

Stockholders should vote using the BLUE proxy card.

Who are the director nominees proposed by Dr. Laster for Scopus BioPharma (SCPS)?

The nominees are Mordechai Saar Hacham and Joshua Levine.