Cardica Inc (CRDC)

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The Proxy Battle Between Broadfin Capital and Cardica (CRDC) Is Heating Up Just As New CEO Is Unveiled
By ANDREI BRAGHIS in Hedge Funds,News
Published: October 5, 2015

The battle between Broadfin Capital and the Board of Cardica, Inc. (NASDAQ:CRDC) is heating up. As promised in a recent letter, Broadfin Capital and manager Kevin Kotler have stepped up their activist efforts and have issued a proxy statement, seeking shareholder support at the company’s next annual meeting.

According to a recent filing with the Securities and Exchange Commission, Broadfin and Kotler are seeking an overhaul of the company’s Board, having put together a list of eight nominees. In 2014, Cardica shareholders elected three members nominated by Broadfin and now Kotler is looking to have them re-elected and replace the remaining five directors.

Together, Broadfin Capital holds 8.97 million shares of Cardica, or 10.1% of its common stock, which makes it the largest shareholder.

http://www.insidermonkey.com/blog/the-proxy-battle-between-broadfin-capital-and-cardica-crdc-is-heating-up-just-as-new-ceo-is-unveiled-375183/