MORRISTOWN, N.J., March 3, 2025 /PRNewswire/ -- Aadi Bioscience, Inc. (NASDAQ: AADI), an oncology therapeutics company applying advanced technologies to established tumor biology to efficiently deliver advances in cancer treatment, today announced that the Company's stockholders have approved all proposals voted on at the Company's Special Meeting of Stockholders ("Special Meeting") held on February 28, 2025.
Approved proposals include:
Divestiture Proposal. The approval of the sale by Aadi to KAKEN INVESTMENTS INC. ("Kaken") of 100% of the outstanding shares of capital stock of Aadi Subsidiary, Inc. ("Aadi Sub") and thereby all or substantially all of Aadi's assets related to its FYARRO® (sirolimus protein-bound particles for injectable suspension) (albumin-bound) program (the "FYARRO Business").
The PIPE Financing Proposal. The approval of, for purposes of complying with the applicable provisions of Nasdaq Listing Rule 5635, the issuance of an aggregate of 21,592,000 shares of Aadi's common stock, par value $0.0001 per share, at a price of $2.40 per share and pre-funded warrants to purchase up to an aggregate of 20,076,500 shares of Aadi's common stock at a purchase price of $2.3999 per pre-funded warrant (the "PIPE Financing Proposal").
Equity Plan Increase Proposal. The approval of an amendment to the Aadi Bioscience, Inc. 2021 Equity Incentive Plan (the "2021 Plan") to (i) increase the shares available for issuance under the 2021 Plan by 6,300,000 shares from 2,000,284 shares to 8,300,284 shares and (ii) increase the 2021 Plan's default annual automatic share reserve increase occurring on January 1 of each year from 4% of outstanding shares on the last day of the immediately preceding fiscal year to 5% (the "Equity Plan Increase Proposal").
Non-Binding Advisory Vote on Golden Parachutes Proposal. To approve, on a non-binding, advisory basis, certain compensation that will or may become payable to our named executive officers in connection with the Divestiture (the "Non-Binding Advisory Vote on Golden Parachutes Proposal").
Final voting results from the Special Meeting will be included in a Form 8-K filed with the Securities and Exchange Commission.
About Aadi Bioscience
Aadi is a precision oncology company with a vision to make bold choices in applying technology to efficiently deliver improved precision oncology therapies for people living with difficult-to-treat cancers. More information on the Company is available on the Aadi website at www.aadibio.com and connect with us on LinkedIn.
Contact:
[email protected]
SOURCE Aadi Bioscience
