Is it correct that there will be a Kitov meeting on 6 Aug ?
Yes, as was reported in KTOV / Kitov Pharamceuticals Holdings Ltd. - 6-K - July 1, 2020 - July 01, 2020
Kitov Pharma Ltd. (the “Company” or the “Registrant”) is announcing that it has published a Notice of an Extraordinary General Meeting of the Shareholders of the Company to be held on Thursday, August 6, 2020, at 4:30 p.m. Israel time, at the offices of the Company, One Azrieli Center, Round Tower, 19th Floor, 132 Menachem Begin Road, Tel Aviv, Israel. The Notice of Extraordinary General Meeting of Shareholders is attached to this Form 6-K as Exhibit 99.1.
This report on Form 6-K, including the Notice of Extraordinary General Meeting of Shareholders, will also be submitted to the Israel Securities Authority and Tel Aviv Stock Exchange and available on their respective websites for listed company reports at www.magna.isa.gov.il and www.maya.tase.co.il, and will also be made available on the Company’s corporate website at http://kitovpharma.investorroom.com/Shareholder-Meetings.
The Proxy Statement for the Extraordinary General Meeting of Shareholders, together with the accompanying voting instruction form and voting slip (collectively, the “Proxy Materials”), is expected to be furnished to the Securities and Exchange Commission (the “SEC”) on Form 6-K on or around July 2, 2020, and will be available to the public on the SEC’s website at http://www.sec.gov. The Proxy Materials will also be submitted to the Israel Securities Authority and Tel Aviv Stock Exchange and available on their respective websites for listed company reports, and will also be made available on the Company’s corporate website.
Following publication by the Company of the Proxy Materials, BNY Mellon, the Depositary of the Company’s American Depositary Shares (“ADSs”) program will distribute a Voting Instruction Form for holders of the Company’s ADSs, which will be distributed to holders of the Company’s ADSs by BNY Mellon, and a copy of which will be furnished to the SEC on Form 6-K and will also be submitted by the Company to the Israel Securities Authority and Tel Aviv Stock Exchange and available on the respective websites for listed company reports. ADS holders should return their BNY Mellon Voting Instruction Form by no later than 12:00 P.M. EST on July 31, 2020. -----------------------------------------------------------------------
Here is a commentary of a blog writer:
$KTOV August 6 Meeting
General Discussion I know the meeting announcement has been posted below. As much as I'd like to speculate on what's to come, I'll try and refrain from that as well.
Here's what we know. An "extraordinary" shareholder meeting has been set for August 6. Four items were listed on the notice and will be put to a vote:
Approve increase to ordinary share capital
Amend Equity Based incentive plan to award stock options
Amend a restated compensation plan for executives
Give additional equity to executives.
This all seems pretty mundane, but the timing and manner of it is curious and raises some interesting questions.
Why call a special meeting to do this? This is run of the mill stuff that could easily be addressed at an annual shareholders meeting. Why the rush? Is it because they want to get paid more? Who doesnt? They could also just ask for raises. But instead of asking for cash...they want additional equity.
There's also notably no mention of a r/s. They dipped below $1 today, so the 10 day compliance rule has been reset. They dont seem at all concerned about meeting that deadline. Is it going to dilute the stock? If they wanted more public traded stock, they could just do an offering. It's fair to assume any shares added wont be publicly traded.
Let's say the have a collaboration in the works. This meeting still doesnt make sense. Ask for options at the annual shareholder meeting. Whether the stock is worth $1 or $1000, it's still just a stock that can go up or down until its cashed and the gain realized. If the stock price increases, they have a better argument for additional compensation and equity. But the stock has cratered the last 2 days. Again, instead of cash, they choose now, of all times, to ask for additional equity in the company? At 12:01 today, in whatever timezone you were in, would you have preferred 10,000 shares of KTOV or $10,000 dollars? Considering the thing was trading at between .82 and .86 cents, everyone would have taken that cash.
The urgency only makes sense if they think they wouldnt have been able to do it later. They have to think there is some reason, in the somewhat near future, that would have prevented them from asking for this at the next annual meeting.
There's a lot of dots to connect here. If you've held this long (like I have) no reason to jump ship now. I'm letting this play out.
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