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Leading Independent Proxy Firms ISS and Glass Lewis Recommend Ocugen Stockholders Vote "FOR" Reverse Stock Split and Authorized Shares Amendment ProposalsMALVERN, Pa., Dec. 01, 2020 (GLOBE NEWSWIRE) -- Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing transformative therapies to cure blindness diseases, today announced that Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”), the nation’s leading independent proxy advisory firms, have recommended that Ocugen stockholders vote “FOR” both Proposals 1 and 2 at the Company’s Annual Meeting of Stockholders to be held on December 11, 2020.
Consummation of the Reverse Stock Split is conditioned upon stockholder approval of the Reverse Stock Split Proposal. The Board authorized the reverse split of Ocugen’s common stock with the primary intent of increasing the per share trading price of common stock in order to ensure that Ocugen continues to satisfy the listing requirements for its common stock on Nasdaq. The Company believes its listing on Nasdaq supports and maintains stock liquidity and Company recognition for Ocugen stockholders. Accordingly, Ocugen believes that effecting the Reverse Stock Split is advisable and in Ocugen’s and its stockholders’ best interests. The Board may effect only one Reverse Stock Split as a result of this authorization. The Board also may determine in its discretion not to effect the Reverse Stock Split and not to file the Certificate of Amendment. Ocugen has until March 8, 2021 to regain compliance with the Nasdaq $1.00 minimum closing bid requirement. If Ocugen has not regained compliance with the closing bid price requirement by that time, its common stock will be subject to delisting from Nasdaq. The implementation of the Authorized Shares Amendment Proposal is expressly conditioned upon the failure to obtain approval or implementation of the Reverse Stock Split; if the Reverse Stock Split is approved and implemented, then the Authorized Shares Amendment will not be implemented.
Voting on the Proposals will be open through the conclusion of Ocugen's 2020 Annual Meeting of Stockholders on December 11, 2020 at 8:00 a.m. Eastern time. Ocugen stockholders as of October 28, 2020, the record date for the Annual Meeting, are invited to attend the virtual Annual Meeting by visiting www.virtualshareholdermeeting.com/OCGN2020. Stockholders can vote prior to the Annual Meeting online at www.proxyvote.com or by telephone at 1-800-690-6903. Stockholders that need assistance voting or have questions may contact Ocugen’s proxy solicitation firm, Okapi Partners, at [email protected] or (855) 208-8902. Stockholders who have already voted and want to change their vote can update their vote at any time – the most recently cast votes become what is recorded. About Ocugen, Inc. Cautionary Note on Forward-Looking Statements Corporate Contact: Media Contact:
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