{"id":49619,"date":"2022-10-13T22:01:53","date_gmt":"2022-10-13T20:01:53","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/investor-group-comments-on-pasithea-therapeutics-seemingly-defensive-and-ill-timed-acquisition-of-allomek-therapeutics\/"},"modified":"2022-10-13T22:01:53","modified_gmt":"2022-10-13T20:01:53","slug":"investor-group-comments-on-pasithea-therapeutics-seemingly-defensive-and-ill-timed-acquisition-of-allomek-therapeutics","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/investor-group-comments-on-pasithea-therapeutics-seemingly-defensive-and-ill-timed-acquisition-of-allomek-therapeutics\/","title":{"rendered":"Investor Group Comments on Pasithea Therapeutics\u2019 Seemingly Defensive and Ill-Timed Acquisition of AlloMek Therapeutics"},"content":{"rendered":"
\n

\nCondemns the Current Board\u2019s Decision to Disregard Stockholder Feedback and Proceed with a Second Highly Dilutive Acquisition Within the Last Six Months<\/i>\n<\/p>\n

\nUrges the Board to Act on Stockholder Feedback and Schedule the Special Meeting Without Further Delay<\/i>\n<\/p>\n

NEW YORK & TORONTO–(BUSINESS WIRE)–Camac Partners, LLC, affiliates of Concord Investment Partners Ltd., and Leonite Capital LLC (collectively with their affiliates, the “Investor Group” or “we”), who are collectively the largest stockholder of Pasithea Therapeutics Corp. (Nasdaq: KTTA) (\u201cPasithea\u201d or the \u201cCompany\u201d), today issued the below statement regarding the Company’s recently announced dilutive acquisition of AlloMek Therapeutics, LLC (\u201cAlloMek\u201d). As a reminder, the Investor Group has successfully requisitioned Pasithea\u2019s Board of Directors (the \u201cBoard”) to call a Special Meeting of Stockholders (the \u201cSpecial Meeting\u201d).\n<\/p>\n

\n\u201cWe are disgusted that less than two weeks after acknowledging stockholders\u2019 request to call a Special Meeting that is intended to decide the fate of the current Board, Pasithea\u2019s incumbent directors decided to proceed with a second highly dilutive acquisition within the last six months. In our view, the Company\u2019s stockholders should consider this a clear sign that investor feedback is being dismissed and urgent change is needed in the boardroom. Once the Special Meeting is held and stockholders\u2019 voices are finally heard, we intend to commence extensive due diligence on Pasithea\u2019s recent acquisitions, including the related-party transaction of Alpha-5 announced in June. We do not believe that these serially dilutive acquisitions have been pursued to advance stockholders\u2019 best interests. Indeed, Pasithea\u2019s public statements have done nothing to convince us otherwise. Between now and the Special Meeting, we urge our fellow stockholders to remind the Board members of their fiduciary duties and reinforce all of their concerns pertaining to these seemingly defensive and ill-timed deals.\n<\/p>\n

\nWe intend to pursue all avenues available to us to investigate the actions of the Board. A robust investigation focused on the nature of how these transactions came about and their true purpose is clearly required.\n<\/p>\n

\nWe further note that at the Company\u2019s last annual meeting, fewer than 6 million shares were voted \u201cFor\u201d each of the incumbent directors. By contrast, we received support for the call of a Special Meeting from over 6.5 million shares. This is clear evidence of investor dissatisfaction with the Board.\n<\/p>\n

\nWe call on the Board to move expeditiously to schedule the Special Meeting, as required by the Company\u2019s corporate documents. The Board should not use any improper or questionable tactics to delay the Special Meeting further. We remain firm in our position that removing all sitting directors will best position Pasithea to enhance its corporate governance and Board composition, ultimately leading to improved capital allocation and enhanced value for all stockholders.\u201d\n<\/p>\n

\nAdditional Information and Where to Find It<\/span><\/b>\n<\/p>\n

\nOn September 23, 2022, the Investor Group filed a preliminary proxy statement in connection with the Special Meeting. Prior to the Special Meeting, the Investor Group intends to furnish a definitive proxy statement, together with a WHITE proxy card, to Pasithea\u2019s stockholders. STOCKHOLDERS ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Detailed information regarding the names, affiliations and interests of individuals who are participants in the Investor Group\u2019s solicitation of proxies from Pasithea\u2019s stockholders is available in the Investor Group\u2019s preliminary proxy statement.\n<\/p>\n

\nStockholders may obtain, free of charge, the Investor Group\u2019s preliminary proxy statement, any amendments or supplements thereto, and other relevant documents filed by the Investor Group with the Securities and Exchange Commission (the \u201cSEC\u201d) at the SEC\u2019s website (http:\/\/www.sec.gov<\/a>). Copies of the Investor Group\u2019s definitive proxy statement, any amendments or supplements thereto, and any other relevant documents filed by the Investor Group with the SEC will be available, free of charge, at the SEC\u2019s website (http:\/\/www.sec.gov<\/a>) or by contacting the Investor Group\u2019s proxy solicitor, InvestorCom LLC, at 19 Old Kings Highway S., Suite 210, Darien, CT 06820, or by phone at (203) 972-9300.\n<\/p>\n

Contacts<\/b> <\/p>\n

\nFor Investors:<\/b>
Concord Investment Partners Ltd.
\n
David Delaney, 416-951-9214
\n
ddelaney@concordinvestmentpartners.com<\/a><\/p>\n

InvestorCom LLC
\n
John Grau, 203-972-9300
\n
info@investor-com.com<\/a><\/p>\n

For Media:<\/b>
Longacre Square Partners
\n
Charlotte Kiaie \/ Aaron Rabinovich, 646-386-0091
\n
ckiaie@longacresquare.com<\/a> \/ arabinovich@longacresquare.com<\/a>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Condemns the Current Board\u2019s Decision to Disregard Stockholder Feedback and Proceed with a Second Highly Dilutive Acquisition Within the Last Six Months Urges the Board to Act on Stockholder Feedback and Schedule the Special Meeting Without Further Delay NEW YORK & TORONTO–(BUSINESS WIRE)–Camac Partners, LLC, affiliates of Concord Investment Partners Ltd., and Leonite Capital LLC … [Read more…]<\/a><\/span><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":{"0":"entry","1":"post","2":"publish","3":"author-business","4":"post-49619","6":"format-standard","7":"category-industry"},"yoast_head":"\nInvestor Group Comments on Pasithea Therapeutics\u2019 Seemingly Defensive and Ill-Timed Acquisition of AlloMek Therapeutics - Pharma Trend<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pharma-trend.com\/en\/investor-group-comments-on-pasithea-therapeutics-seemingly-defensive-and-ill-timed-acquisition-of-allomek-therapeutics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Investor Group Comments on Pasithea Therapeutics\u2019 Seemingly Defensive and Ill-Timed Acquisition of AlloMek Therapeutics - Pharma Trend\" \/>\n<meta property=\"og:description\" content=\"Condemns the Current Board\u2019s Decision to Disregard Stockholder Feedback and Proceed with a Second Highly Dilutive Acquisition Within the Last Six Months Urges the Board to Act on Stockholder Feedback and Schedule the Special Meeting Without Further Delay NEW YORK & TORONTO–(BUSINESS WIRE)–Camac Partners, LLC, affiliates of Concord Investment Partners Ltd., and Leonite Capital LLC ... 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