Merrimack Pharmaceuticals (NASDAQ: MACK) has notified NASDAQ of its intention to delist its securities, pending stockholder approval of the Plan of Dissolution at the scheduled Special Meeting on May 10, 2024. The plan entails issuing an initial liquidating cash dividend to stockholders, estimated between $14.92 to $15.15 per share, subject to approval.
The record date for stockholders eligible to receive the liquidating dividend is set for May 10, 2024, with the stock expected to go ex-dividend on May 15, 2024, and payment slated for May 17, 2024. Merrimack anticipates ceasing trading on NASDAQ by May 15, 2024. In the event of non-approval by stockholders, the delisting notice will be withdrawn, and regular trading will continue.
For additional details and documents regarding the proposed Dissolution and related matters, including the Proxy Statement, investors are urged to consult the Securities and Exchange Commission (SEC) filings or visit Merrimack’s website. The Company’s executives and directors are deemed participants in the solicitation of proxies for the Special Meeting, as outlined in the Proxy Statement.
About Merrimack: Merrimack Pharmaceuticals, Inc., headquartered in Cambridge, Massachusetts, stands to receive up to $450.0 million in contingent milestone payments from Ipsen S.A. following the sale of Onivyde® in April 2017. The company has already received $225 million, with additional milestone payments contingent upon FDA approval for various clinical indications. Merrimack also expects up to $54.5 million in milestone payments related to its anti-HER3 programs sold to Elevation Oncology in July 2019.
