Vyant Bio Announces Stockholder Approval of Plan of Dissolution

Rhea-AI Summary

Vyant Bio, Inc. announces the results of its special meeting of stockholders, where they voted in favor of the proposal to approve the voluntary liquidation and dissolution of the company. The proposal received the affirmative vote of holders of 94.0% of the shares casting votes and 53.1% of the company's total outstanding common shares. Vyant Bio's board will determine a date for filing a Certificate of Liquidation and Dissolution with the State of Delaware.

CHERRY HILL, N.J., Nov. 01, 2023 (GLOBE NEWSWIRE) -- Vyant Bio, Inc. (“Vyant Bio” or “Company”) (OTC: VYNT) is announcing the results of its special meeting of stockholders on November 1, 2023 (the “Special Meeting”).

At the Special Meeting, Vyant Bio’s stockholders, upon the unanimous recommendation of Vyant Bio’s board of directors, voted in favor of the proposal to approve the voluntary liquidation and dissolution of the Company, pursuant to a Plan of Liquidation and Dissolution (the “Dissolution Proposal). The proposal received the affirmative vote of holders of 94.0% of the shares casting votes and 53.1% of the Company’s total outstanding common shares. Vyant Bio’s Board will determine a date for filing a Certificate of Liquidation and Dissolution with the State of Delaware, after which the holders of shares of the Company’s common stock will cease to have any rights in respect of that stock, except the right to receive distributions, if any, pursuant to and in accordance with the Plan of Dissolution.

For more information, please visit Vyant Bio at:

Internet: www.vyantbio.com

Additional Information and Where to Find It

In connection with the transaction, Vyant Bio filed relevant materials with the Securities and Exchange Commission (the “SEC”), including a proxy statement. INVESTORS AND SECURITY HOLDERS OF VYANT BIO ARE URGED TO READ THESE MATERIALS CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY’S DISSOLUTION, AND RELATED MATTERS. The proxy statement and any other documents filed by Vyant Bio with the SEC, may be obtained free of charge at the SEC website at www.sec.gov.

Forward Looking Statements:

Any statements in this press release about future expectations, plans and prospects for the Company, including but not limited to statements about the ability of creditors, shareholders and other stakeholders to realize any value or recovery as part of a transaction or a liquidation or wind down process, the ability of the Company to continue as a going concern, the adequacy or sufficiency of the Company’s existing cash resources, and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “likely,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the Company’s ability to continue to pay its obligations in the ordinary course of business as they come due; the ability to further reduce expenses, the adequacy of its capital resources in light of changing circumstances, the actions of creditors of the Company, the buyer’s ability to satisfy the milestones for future payments and such other important factors as are set forth in the Company’s annual report on Form 10-K for the year ended December 31, 2022 and quarterly reports and other filings on file thereafter with the U.S. Securities and Exchange Commission and the Pink Open Market operated by OTC Markets Group Inc. In addition, the forward-looking statements included in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.

Investor Contact:

Vyant Bio, Inc.
Andrew LaFrence, President, Chief Executive Officer and Chief Financial Officer
Email: Andrew.LaFrence@VyantBio.com

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FAQ

What did Vyant Bio announce in their special meeting of stockholders?

Vyant Bio announced the approval of the voluntary liquidation and dissolution of the company.

What percentage of shares casting votes approved the Dissolution Proposal?

The Dissolution Proposal received the affirmative vote of holders of 94.0% of the shares casting votes.

What percentage of the company's total outstanding common shares approved the Dissolution Proposal?

The Dissolution Proposal received the affirmative vote of holders of 53.1% of the company's total outstanding common shares.

What will happen after the filing of the Certificate of Liquidation and Dissolution?

After the filing of the Certificate of Liquidation and Dissolution with the State of Delaware, holders of shares of the company's common stock will cease to have any rights in respect of that stock, except the right to receive distributions, if any, pursuant to and in accordance with the Plan of Dissolution.