Symetryx Issues Open Letter To Shareholders In Regard To The Upcoming Annual General Meeting; Recommends Fellow Shareholders Vote AGAINST Keystone Transaction & The Check-Cap Board Nominees, Recommends A Vote FOR The Symetryx Slate Of Director Candidates
Portfolio Pulse from Benzinga Newsdesk
Symetryx, holding 5.6% of Check-Cap Ltd. (NASDAQ:CHEK) shares, issued an open letter urging shareholders to vote against the Keystone Dental merger and Check-Cap board nominees, citing an unrealistic valuation of Keystone and Check-Cap's troubling cash burn. Symetryx recommends voting for its own slate of director candidates, arguing that the proposed merger is value-destructive and dilutive, and that the Check-Cap board is not acting in shareholders' best interests. Symetryx also highlights ongoing operational concerns, including a deficiency letter from the FDA to Keystone, and criticizes the current board for not engaging with Symetryx's proposals or providing financial transparency.
November 28, 2023 | 5:00 pm
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NEGATIVE IMPACT
Symetryx, a significant shareholder of Check-Cap, is advocating against the Keystone merger and the current board nominees, recommending its own slate of directors. This opposition could influence the outcome of the upcoming shareholder meeting and potentially impact the company's future strategic direction.
The opposition from Symetryx, a major shareholder, to the Keystone merger and the current board could lead to significant uncertainty regarding Check-Cap's future. This uncertainty, coupled with the criticism of the merger's valuation and the cash burn rate, is likely to negatively impact investor sentiment and the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100