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Over 90% of the shares voted to date have shown support "FOR" each of the five proposals, but additional votes are needed in order to close the proposed merger with GRI Bio
PHILADELPHIA, PA, April 04, 2023 (GLOBE NEWSWIRE) -- Vallon Pharmaceuticals, Inc. (NASDAQ:VLON), ("Vallon" or the "Company"), today urges its stockholders of record as of March 6, 2023 to vote in favor of all of the proposals outlined in the Company's definitive Proxy Statement (the "Proxy") for the upcoming Special Stockholder Meeting to be held virtually at 9:00 AM ET on April 12, 2023.
The proposals outlined in the Proxy include the proposed Merger with GRI Bio, Inc. The Merger will result in a clinical-stage biotechnology company focused on discovering, developing, and commercializing innovative therapies targeting serious diseases associated with dysregulated immune responses that lead to inflammatory, fibrotic, and autoimmune disorders.
David Baker, Chief Executive Officer of Vallon, commented, "We appreciate the strong support from Vallon's voting stockholders and strongly urge all unvoted stockholders of record to vote for all proposals in order to move forward with the Merger. Both Vallon and GRI Bio are excited about the compelling opportunities that the Merger brings to their respective stockholders."
Of particular importance, approval of Proposal 2 (Reverse Stock Split) is a condition to the consummation of the Merger. Although an overwhelming majority of votes cast to date have supported Proposal 2, approval of this proposal has a higher vote threshold and requires the affirmative vote of holders of a majority of Vallon's common stock outstanding as of the March 6, 2023 record date. As a result, the Merger cannot be consummated unless Proposal 2 is approved.
EVERY VOTE MATTERS – NO MATTER HOW MANY SHARES YOU OWN
Stockholders of record as of March 6, 2023, are encouraged to vote by either (1) mailing their signed proxy card in the return envelope enclosed with the Proxy (2) providing their proxy instructions via phone by following the instructions on the proxy card or voting instruction form (3) providing their proxy instructions via the Internet by following the instructions on the proxy card or voting instruction form, or (4) as otherwise described in the Proxy.
After careful consideration, Vallon's board of directors has unanimously (i) determined that the Merger and all related transactions contemplated by the Merger Agreement are fair to, advisable and in the best interests of Vallon and its stockholders, (ii) approved and declared advisable the Merger Agreement and the transactions contemplated therein, and (iii) determined to recommend, upon the terms and subject to the conditions set forth in the Merger Agreement, that each Vallon stockholder vote "FOR" Proposal Nos. 1, 2, 3, 4, and 5.
Vallon stockholders who need assistance in voting their shares may contact Vallon's proxy solicitor Morrow Sodali LLC by calling (800) 607-0088, or banks and brokers can call collect at (203) 658-9400, or by emailing VLON.info@investor.morrowsodali.com.
YOUR VOTE IS IMPORTANT. VOTE TODAY!
A proxy form or voting instruction form accompanied the special meeting materials Instructions on how to vote, which vary depending on whether you are a registered or beneficial stockholder of the Company, are provided in the proxy form or voting instruction form.
Posted In: VLON
