DR. MORRIS C. LASTER WINS PROXY CONTEST AS STOCKHOLDERS ELECT HIS NOMINEES TO SCOPUS BIOPHARMA INC. BOARD OF DIRECTORS

Rhea-AI Summary

On January 6, 2022, Dr. Morris C. Laster announced the successful election of his nominees, Mordechai Saar Hacham and Joshua Levine, to the Board of Directors of Scopus BioPharma (Nasdaq: SCPS). The announcement followed the Company's 2021 Annual Meeting, where Hacham and Levine received 8,276,505 and 8,276,338 votes, respectively, defeating the incumbent nominees. Additionally, stockholders voted against the ratification of Citrin Cooperman & Company as the Company's independent accounting firm. Dr. Laster emphasized that this outcome reflects stockholder desires for more independent stewardship.

Positive

• Dr. Laster's nominees secured significant support, indicating strong stockholder backing for new leadership.
• New directors may bring fresh perspectives and enhance corporate governance.

Negative

• Opposition to the current management's nominated directors could signal dissatisfaction with existing strategies.
• The rejection of the accounting firm ratification raises concerns about financial oversight.

NEW YORK and JERUSALEM, Jan. 6, 2022 /PRNewswire/ -- Dr. Morris C. Laster ("Dr. Laster"), who, together with other proxy participants, beneficially owns 6,006,000 shares of common stock, par value $0.001, of Scopus BioPharma Inc. (Nasdaq: SCPS) ("Scopus" or the "Company"), announced today that stockholders of the Company have elected Dr. Laster's two director nominees, Mordechai Saar Hacham and Joshua Levine to the Company's Board of Directors at the Company's 2021 Annual Meeting of Stockholders (the "Annual Meeting").

First Coast Results, Inc., the independent inspector of elections appointed by the Company for the Annual Meeting, today certified the final results of the election reporting that Messrs. Hacham and Levine received the most number of votes at the Annual Meeting, with Messrs. Hacham and Levine receiving 8,276,505 and 8,276,338 "FOR" votes, respectively, while the Company's director nominees, Raphael (Rafi) Hofstein and David S. Battleman, received 7,031,321 and 7,031,640 "FOR" votes, respectively. Furthermore, stockholders of the Company voted "AGAINST" ratifying the appointment of Citrin Cooperman & Company, LLP as the Company's independent registered public accounting firm for the 2021 fiscal year.

Dr. Laster said: "This victory sends a strong message to Scopus's management and Board that stockholders want new directors who will act as responsible, independent stewards of the Company."

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

 

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SOURCE Dr. Morris C. Laster

FAQ

What was the outcome of the Scopus BioPharma stockholders' meeting on January 6, 2022?

Stockholders elected Dr. Laster's nominees, Mordechai Saar Hacham and Joshua Levine, to the Board of Directors.

How many votes did Dr. Laster's nominees receive compared to the incumbent nominees?

Hacham and Levine received 8,276,505 and 8,276,338 votes, while the incumbents received approximately 7 million votes each.

What concerns did stockholders express during the meeting?

Stockholders voted against the ratification of Citrin Cooperman & Company as the independent accounting firm.

What does Dr. Laster's election victory indicate about stockholder sentiment?

It signifies stockholders' desire for new, independent directors to enhance corporate governance.