Organovo Holdings Founder Calls on Board of Directors to Accept Stockholders’ Opposition to the Illogical Merger With Tarve...
April 02 2020 - 8:00AM
Keith Murphy, founder and former Chief Executive Officer of
Organovo Holdings, Inc. (NASDAQ: ONVO) (“Organovo” or the
“Company”), today issued the following statement regarding the
adjournment of the March 26 special meeting of stockholders (the
"Special Meeting") related to the proposed merger with Tarveda
Therapeutics, Inc. (“Tarveda”):
“Organovo’s failure to obtain requisite support
for the Tarveda merger at last week’s Special Meeting reinforces my
belief that stockholders do not want a value-destructive
combination with a weak, poorly-positioned company. Rather than try
to convince stockholders to vote for an illogical transaction with
Tarveda, which has limited cash and sparse prospects, the Board of
Directors should uphold its duties and finally embrace investor
feedback. If the incumbent directors do not want to listen to
stockholders and commit to the bioprinting efforts that their
capital funded, they should resign immediately. There are many
capable and qualified individuals who could replace them and
preside over a value-enhancing strategy focused on emerging
bioprinting opportunities. Additionally, the Board should not
further delay stockholders from having their voices listened to by
once again adjourning the Special Meeting on April 7.”
FORWARD-LOOKING STATEMENTS
Any statements contained herein that do not
describe historical facts, including future operations, are neither
promises nor guarantees and may constitute “forward-looking
statements” as that term is defined in the U.S. Private Securities
Litigation Reform Act of 1995. Such forward-looking
statements may include words such as “may,” “might,” “will,”
“should,” “expects,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential” or “continue,” the negative of
these terms and other comparable terminology. Any such
forward-looking statements contained herein are based on current
assumptions, estimates and expectations, but are subject to a
number of known and unknown risks and significant business,
economic and competitive uncertainties that may cause actual
results to differ materially from expectations. Numerous
factors could cause actual future results to differ materially from
current expectations expressed or implied by such forward-looking
statements, including the risks and other risk factors detailed in
various publicly available documents filed by the Company from time
to time with the Securities and Exchange Commission (SEC), which
are available at www.sec.gov, including but not limited to, such
information appearing under the caption “Risk Factors” in the
Company’s Annual Report on Form 10-K filed with the SEC on June 3,
2019. Any forward-looking statements should be considered in
light of those risk factors. Mr. Murphy cautions readers not to
rely on any such forward-looking statements, which speak only as of
the date they are made. Mr. Murphy disclaims any intent or
obligation to publicly update or revise any such forward-looking
statements to reflect any change in Company expectations or future
events, conditions or circumstances on which any such
forward-looking statements may be based, or that may affect the
likelihood that actual results may differ from those set forth in
such forward-looking statements.
Contacts
For Media:
Profile Greg Marose / Ashley Areopagita
347-343-2999
gmarose@profileadvisors.com / aareopagita@profileadvisors.com
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