SAN DIEGO, Oct. 15, 2024 /PRNewswire/ --Â Kintara Therapeutics, Inc. ("Kintara") (NASDAQ:KTRA), a biopharmaceutical company focused on the development of new solid tumor cancer therapies, today announced a correction to the press release previously issued by Kintara on October 14, 2024, regarding a record date for the issuance of the Contingent Value Rights ("CVRs") to stockholders of Kintara pursuant to the definitive merger agreement (the "Merger Agreement") with TuHURA Biosciences, Inc. ("TuHURA"). Kintara announced today that the CVRs will not be issued to stockholders of record of Kintara based on a record date of October 17, 2024, but rather will be issued stockholders of record of Kintara immediately prior to the planned reverse stock split that will be consummated immediately prior to the proposed Merger. Accordingly, the announcement of a record date for the CVRs made by Kintara on October 14, 2024 is hereby retracted. Kintara does not anticipate that this correction and retraction will affect the stockholders of record who will receive the CVRs or the number of CVRs to be received by them.
As previously announced, Kintara's stockholders approved a reverse stock split of Kintara's common stock in a range of 1-for-20 to 1-for-40 at Kintara's special meeting of stockholders held on October 4, 2024. Kintara expects to effect a reverse stock split at a ratio of 1-for-35 immediately prior to the consummation of the proposed Merger.
Also as previously announced, the proposed Merger is expected to close on October 18, 2024 (the "Closing Date"), subject to regulatory approval and the satisfaction of the remaining closing conditions under the Merger Agreement.
In connection with the proposed Merger and pursuant to the Contingent Value Rights Agreement (the "CVR Agreement") to be entered into prior to the Closing Date, Kintara will issue a number of CVRs to Kintara stockholders entitling the holders thereof to an aggregate of 53,897,125 shares of Kintara's common stock, which number is subject to adjustment as a result of Kintara's proposed reverse stock split described above upon the achievement of certain milestones as set forth in the CVR Agreement. Kintara stockholders of record immediately prior to the reverse stock split will receive one CVR per share of Kintara common stock (or in the case of warrants to purchase shares of Kintara common stock, each share of Kintara common stock for which such warrant to purchase shares of Kintara stock is exercisable) each respectively owned. The CVRs will be issued immediately prior to the proposed reverse stock split and closing of the proposed Merger.
Equiniti Trust Company, LLC is acting as the rights agent for CVRs. Stockholders holding their shares in book-entry form or in brokerage accounts need not take any action in connection with the ...
