Akari Therapeutics shareholders approve share issuance for Peak Bio merger

Shareholders of Akari Therapeutics, Plc (Nasdaq: AKTX) approved the issuance of shares for its proposed merger with Peak Bio, Inc. (OTC: PKBO), the company said in a press release dated November 8, 2024.

The vote took place at a general meeting in London on November 7, 2024. About 99% of shares present at the meeting, in person or by proxy, voted in support.

Interim President and CEO Samir Patel said the company is targeting a close on November 13, 2024. He also said that, based on current calculations, Akari expects the merger to "remedy our Nasdaq shareholder deficiency matter removing the current risk to our Nasdaq listing."

Akari and Peak Bio announced the all-stock merger of equals on March 5, 2024. Peak Bio stockholders will receive Akari ordinary shares, represented by American Depositary Shares, for each Peak Bio share, based on the exchange ratio in the merger agreement. The exchange is expected to leave Akari shareholders and Peak Bio stockholders each with about 50% of the combined company on a fully diluted basis, subject to adjustment, including for each side's net cash at closing.

The combined company will operate as Akari Therapeutics, Plc and is expected to keep trading on the Nasdaq Capital Market as AKTX. Patel said it will focus on antibody drug conjugate and geographic atrophy programs.

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