ANI Pharmaceuticals (ANIP)

[Just the facts maam]

According to 8-K filing, ANIP's former Chairman of the Board and representative to ANIP's largest shareholder, MVP is leaving the BOD.

On May 7, 2023, the Board of Directors (the “Board”) of ANI Pharmaceuticals, Inc. (the “Company”) amended the Company’s Insider Trading Policy to prohibit the Company’s directors, officers and other employees from holding the Company’s securities in a margin account, purchasing the Company’s securities on margin or pledging the Company’s securities to secure a loan. The foregoing restrictions became effective immediately upon the Board’s adoption of the amended Insider Trading Policy, with an exception for an existing loan agreement, as further described below.

On May 7, 2023, Robert E. Brown, Jr. informed the Board of his decision not to seek reelection as a director on the Company’s Board at the Company’s 2023 Annual Meeting of Stockholders, scheduled for May 23, 2023. Accordingly, the Board has withdrawn its nomination of Mr. Brown for reelection to the Board. Mr. Brown’s decision did not result from any disagreement with the Company and relates solely to the adoption of the amended Insider Trading Policy as described above. As described in the Company’s Definitive Proxy Statement on Schedule 14A for the Company’s 2023 Annual Meeting of Stockholders, Meridian Venture Partners II, L.P. (“MVP II"), of which Mr. Brown is a controlling person, has a loan agreement with an institutional lender pursuant to which such institutional lender has the right to require MVP II to pledge its shares of the Company’s common stock upon the occurrence of certain events. The Company and Mr. Brown believe that no events have occurred as of the date hereof that could reasonably be expected to trigger any pledges under the loan agreement. The Company’s Insider Trading Policy, prior to the amendment, had allowed for margining or pledging securities in certain circumstances while exercising caution. Mr. Brown will serve out the remainder of his term as a director.

The Company has entered into an agreement with MVP II, pursuant to which a representative of MVP II has the right to attend all meetings of the Board in a nonvoting observer capacity, effective as of May 23, 2023. MVP II has initially named Mr. Brown as such representative.