On December 8, 2023, Murchinson Ltd announced that on December 7, 2023, it had delivered a letter to the Board of Directors of the Company in which Murchinson (i) informed the Company that it has begun the process of converting a portion of the ADSs held by Murchinson into ordinary shares such that, together with the ordinary Ssares already beneficially owned, Murchinson will become the holder of ordinary shares, representing more than 5% of the Company?s voting rights, and (ii) stated that, at such special meeting of shareholders, Murchinson intends to propose, among other things, a proposal to adopt a new article to the Company?s Articles of Association, which would require shareholders? approval of any acquisition or equity raise of $50,000,000 or greater in size.
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