Mar 6 2010
La Jolla Pharmaceutical Company (Pink Sheets: LJPC) today announced that
La Jolla and Adamis Pharmaceuticals Corporation (OTCBB: ADMP) have
agreed to terminate their merger agreement relating to the proposed
merger of the two companies. The termination follows La Jolla’s
announcement on March 3, 2010, that its common stock would be suspended
and delisted from The NASDAQ Stock Market (“Nasdaq”) effective at the
open of business on March 4, 2010, and that its stockholders failed to
vote in sufficient quantities for there to be a quorum to hold the
stockholders’ meeting to approve the proposals related to the merger.
Holders of only thirteen percent (13%) of La Jolla’s outstanding common
stock had returned their proxy cards or otherwise indicated their votes
prior to the start of the stockholders’ meeting. The meeting and the
solicitation of further votes was canceled due to the delisting from
Nasdaq.
“We were disappointed we were not able to secure enough votes from our
stockholders to close the proposed merger with Adamis, as we believe the
merger provided our stockholders with the best opportunity for potential
future value”
“We were disappointed we were not able to secure enough votes from our
stockholders to close the proposed merger with Adamis, as we believe the
merger provided our stockholders with the best opportunity for potential
future value,” said Dr. Deirdre Y. Gillespie, La Jolla’s CEO. “Our board
of directors is evaluating the options available to La Jolla, which are
very limited largely because the structure of our stockholder base, 66
million shares held by thousands of small stockholders, makes it
extremely challenging, if not impossible, to accomplish any transaction
that requires a stockholder vote.”
Immediately after Nasdaq suspended trading, the Company’s common stock
began being quoted on the Pink OTC Markets Inc. (the “Pink Sheets”).
Source La Jolla Pharmaceutical Company
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