Sinovac Update on the Exchange of Rights for Common and Series B Preferred Shares
Sinovac Biotech Ltd. (NASDAQ:SVA) (Sinovac or the Company), a leading provider of biopharmaceutical products in China, today issued an update on the Exchange of Rights for Common and Series B Preferred Shares announced February 22, 2019.
- Sinovac Biotech Ltd. (NASDAQ:SVA) (Sinovac or the Company), a leading provider of biopharmaceutical products in China, today issued an update on the Exchange of Rights for Common and Series B Preferred Shares announced February 22, 2019.
- On February 22, 2019, as announced by press release , the Sinovac Board of Directors effectuated an Exchange of Rights held by certain Sinovacs shareholders for a combination of approximately 27.8 million Common Shares and approximately 14.6 million Series B Preferred Shares (the Exchange Shares), all of which the company issued into a trust for the benefit of the holders of the valid and outstanding Rights.
- The Exchange Shares remain issued and outstanding and holders of valid Rights may continue to submit certifications to verify that they are eligible for the Exchange.
- The trial in the Delaware Chancery Court is expected to be held within 60 to 90 days.