On December 14, 2023, Check-Cap, Ltd. announced that it had issued a letter from its Board of Directors to its shareholders and the investment community on December 12, 2023, that the Company won a motion filed by Symetryx in Israeli court, with the Court rejecting all claims raised by Symetryx, including those purportedly related to a personal interest or conflict of interest of the Company?s Board of Directors in the Keystone business combination. The Company stated that it is correcting the false and misleading statements published by Symetryx in its press release on December 13, 2023 that the Economic Department of the Haifa District Court on December 12, 2023, rejected every claim raised by Symetryx, including any claim of potential conflict of interest of the Company?s Board of Directors in the approval of the Keystone and Symetryx also claimed incorrectly that Yuval Yanai, one of the current the Company?s Board members, was a board member of Minerva Surgical and Exalenz Biosciences with which the current Chairman of Keystone was associated as an investor or CEO. The Company?s Board of Directors stated that it wants to remind the shareholders that the Board conducted a robust independent process that was undertaken with Ladenburg, a reputable investment bank while reaching out to over 150 companies to receive 42 formal bids before selecting Keystone as the best merger partner.

In addition, Institutional Shareholder Services (ISS) recommends that shareholders vote for the Keystone transaction and the re-election of the current members of the Board of Directors.