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Has gained stockholder approval
Paulson Capital (Delaware) Corp. (Nasdaq:PLCC) yesterday held a Special Meeting of Stockholders at which 67.4% of the outstanding shares of the Company’s Common Stock were cast and more than 98% of the votes cast were voted in favor of each of a group of proposals related to the contemplated merger with Variation Biotechnologies (US), Inc., a Delaware corporation.
The consummation of the merger remains subject to various conditions, including the approval by NASDAQ of the initial listing application of VBI and the approval by the Financial Industry Regulatory Authority of the change of control as it pertains to the ownership of Company’s operating subsidiary, Paulson Investment Company LLC, a FINRA-registered broker-dealer.
In a statement the company said that “There can be no assurances that these and other conditions to the consummation of the merger will be satisfied. One of the proposals the stockholders approved permits the Company’s Board to effect a reverse stock split of its Common Stock by the ratio required for the price of the Common Stock on the NASDAQ Capital Market to be at least $4.00 per share at the closing of the merger”.
Trent Davis, the Company’s President, stated, “We are very pleased that we received such overwhelming support for the contemplated merger with VBI. The merger presents an outstanding opportunity for our stockholders to participate in the anticipated success of an exciting biotech company with a stellar platform technology and a proven management team. We hope that the conditions to closing will be satisfied very soon, at which time each of our stockholders, as a result of the merger, will own shares in the combined entity.”
About Paulson Capital (Delaware) Corp:
Paulson Capital (Delaware) Corp. is a holding company founded in 1970 whose operating subsidiary, PIC, is a boutique investment banking firm through which substantially all of Paulson’s business has been conducted. PIC has served as a regional, full-service investment bank, underwriter and placement agent for small-cap and emerging growth issuers. PIC currently maintains offices in Portland, San Francisco, and New York. Paulson’s shares trade on The NASDAQ Capital Market under the symbol PLCC.
