BOSTON and LONDON, Nov. 08, 2024 (GLOBE NEWSWIRE) — Akari Therapeutics, Plc (Nasdaq: AKTX), an innovative biotechnology company developing advanced therapies for autoimmune and inflammatory diseases, announces shareholder approval in connection with the merger of Akari Therapeutics, Plc and Peak Bio, Inc. At a General Meeting held in relation to the merger at 9:00 a.m. Eastern Time on Thursday, November 7, 2024 at the Company’s offices in London, shareholders approved the Company’s issuance of shares in connection with the proposed merger, with approximately 99% of shares present at the General Meeting, in person or by proxy, voted in support.
“I am thrilled to announce this important step toward finalization of the merger of our two companies,” said Samir Patel, MD, Akari’s Interim President & CEO. “With the support of our shareholders at the General Meeting, we are targeting an official close of the transaction on November 13, 2024 and will begin executing against the strategy for the combined entity, with specific focus on the Antibody Drug Conjugate (ADC) and Geography Atrophy (GA) platforms. Very importantly, upon close of the merger and based on our current calculations, we expect to be able to remedy our Nasdaq shareholder deficiency matter removing the current risk to our Nasdaq listing.”
About the Merger
On March 5, 2024, Akari and Peak Bio announced a definitive agreement to merge as equals in an all-stock transaction. The combined entity will operate as Akari Therapeutics, Plc, which is expected to continue to be listed and trade on the Nasdaq Capital Market as AKTX. Under the terms of the agreement, Peak Bio stockholders will receive a number of Akari ordinary shares (represented by American Depositary Shares) for each share of Peak Bio stock they own, as determined on the basis of the exchange ratio described in the merger agreement. The exchange is expected to result in implied equity ownership in the combined company of approximately 50% for Akari shareholders and approximately 50% for Peak Bio stockholders on a fully diluted basis, subject to adjustment under certain circumstances, including based on each party’s relative level of net cash at the closing of the proposed transaction.
About Akari Therapeutics
Akari Therapeutics, Plc (Nasdaq: AKTX) is a biotechnology company developing advanced therapies for autoimmune and inflammatory diseases. Akari’s lead asset, investigational nomacopan, is a bispecific recombinant inhibitor of complement C5 activation and leukotriene B4 (LTB4) activity. The Company is conducting pre-clinical research of long-acting PAS-nomacopan in geographic atrophy (GA). For more information about Akari, please visit akaritx.com.
About Peak Bio, Inc.
Peak Bio (OTC: PKBO) is a clinical-stage biopharmaceutical company focused on developing therapeutics addressing significant unmet needs in the areas of oncology and inflammation. The Peak Bio pipeline includes an antibody-drug-conjugate (ADC) platform that includes novel toxins and linkers coupled with important cancer antibody targets and a Phase 2-ready neutrophil elastase inhibitor for alpha1 anti-trypsin deficiency disorder (AATD). For more information about Peak Bio, please visit peak-bio.com.
