Sernova Biotherapeutics Announces Affirmative Voting Results from 2026 Annual General Meeting of Shareholders

Rhea-AI Summary

Sernova (OTC: SEOVF) reported results from its April 8, 2026 Annual General Meeting. Shareholders voted 93,246,234 common shares (27.31% of outstanding) and reelected all directors.

Resolutions passed include appointing Ernst & Young as auditor; issuing 65,831,880 units to Evotec to settle $12,508,057.25 of debt; issuing units to management to settle $192,574.26; and a private placement of 26,666,667 units to an insider for $4.0 million net proceeds.

AI-generated analysis. Not financial advice.

Positive

• $12.51M debt settled by issuing 65,831,880 units to Evotec
• Private placement raised $4.0M via 26,666,667 units
• All directors were reelected at the April 8, 2026 meeting

Negative

• Shareholder turnout was 27.31% of outstanding common shares
• Issuance of 92,498,547+ units may cause substantial dilution

News Market Reaction – SEOVF

+3.66%

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+3.66% News Effect

On the day this news was published, SEOVF gained 3.66%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

Toronto, Ontario and Boston, Massachusetts--(Newsfile Corp. - April 9, 2026) - Sernova Biotherapeutics Inc. (TSX: SVA) (OTC: SEOVF) (FSE: PSH0) ("Sernova" or the "Company"), a leading regenerative medicine company focused on developing its Cell Pouch Bio-hybrid Organ as a functional cure for type 1 diabetes (T1D), today announced the voting results from its Annual General Meeting of Shareholders (the "Meeting") held on April 8, 2026.

At the Meeting, a total of 93,246,234 common shares were voted, representing 27.31% of the votes attached to all outstanding common shares of the Company as of the record date of February 17, 2026.

All of the Company's directors were reelected for the ensuing year. The total votes cast by proxy and ballot, together with the number that each director received 'for' were: 87,205,693 and 56,839,816 for John L. Brooks III; 87,205,693 and 77,106,033 for Tanya Lewis; 87,205,693 and 82,839,136 for Bernd Muehlenweg; 87,205,693 and 56,742,089 for David Paterson; 87,205,693 and 86,051,789 for Steven Sangha; and 87,205,693 and 55,779,197 for Jonathan Rigby.

In addition, all other resolutions were passed:

• The appointment of Ernst & Young LLP as auditors of the Company for the ensuing year and authorization for the Board of Directors to fix the auditor's remuneration.

• An ordinary resolution authorizing the issuance of units in capital of the Company 65,831,880 units to Evotec SE for the settlement of $12,508,057.25 of debt.

• An ordinary resolution authorizing the issuance of units in capital of the Company in exchange for the settlement of $192,574.26 of debt held by certain members of management of the Company.

• An ordinary resolution authorizing the issuance of 26,666,667 units of the Company to an insider of the Company pursuant to a private placement for net proceeds of $4.0 million.

"We are grateful for the support from our shareholders which enables Sernova to eliminate a significant amount of inherited debt that has been a financial overhang for more than a year," said Jonathan Rigby, President and Chief Executive Officer of Sernova. "With a renewed balance sheet, we are well positioned to focus on moving our T1D program forward and creating long-term value for our shareholders."

ABOUT SERNOVA BIOTHERAPEUTICS INC.

Sernova Biotherapeutics is a clinical-stage company developing regenerative medicine therapeutics combining its Cell Pouch with human donor cells or stem-cell derived islet-like clusters in collaboration with Evotec to create bio-hybrid organs to treat T1D. A bio-hybrid organ is comprised of non-biomaterials, such as the Cell Pouch, integrated with living tissues to restore or enhance the function of a compromised organ.

FOR FURTHER INFORMATION, PLEASE CONTACT:

David Burke

VP, Investor Relations

(917) 751-5713

Email: David.Burke@sernova.com

Website: https://sernova.com/

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/291710

FAQ

How many shares were voted at Sernova's April 8, 2026 AGM (SEOVF)?

A total of 93,246,234 common shares were voted, representing 27.31% of outstanding shares. According to the company, that vote count reflects proxies and ballots received as of the February 17, 2026 record date.

What debt did Sernova settle with Evotec and how many units were issued (SEOVF)?

Sernova authorized issuance of 65,831,880 units to Evotec to settle $12,508,057.25 of debt. According to the company, this action eliminates a significant inherited debt balance carried over more than a year.

What were the terms of the insider private placement announced at Sernova's AGM (SEOVF)?

An insider subscribed for 26,666,667 units in a private placement for net proceeds of $4.0 million. According to the company, proceeds strengthen the balance sheet to support the T1D program.

Were Sernova's directors reelected at the April 8, 2026 meeting (SEOVF)?

Yes. All directors were reelected for the ensuing year with vote counts ranging from 55.8M to 82.8M "for" votes. According to the company, each director received majority support in the proxies and ballots.

What auditor did Sernova appoint at the 2026 AGM and for how long (SEOVF)?

Sernova appointed Ernst & Young LLP as auditor for the ensuing year and authorized the board to fix remuneration. According to the company, the appointment covers the upcoming fiscal year until the next annual meeting.