Kellner Group Issued Statement In Connection With Their Efforts To Bring Accountability To The AIM ImmunoTech Board Of Directors

Author: Benzinga Newsdesk | January 03, 2024 05:16pm

On December 28, 2023, the Delaware Court of Chancery ruled in Mr. Kellner's favor that four separate advance notice bylaw provisions adopted by the AIM Board in March 2023 are invalid.  The invalidated provisions relate to the substantive topics of arrangements and understandings, prior relationships among the nominating stockholder or associated persons and nominees, ownership and other economic interests and known support. According to the Court, "these provisions seem designed to thwart an approaching proxy contest, entrench the incumbents, and remove any possibility of a contested election." (emphasis added)  The Court only addressed six directly challenged provisions and found four of those to be invalid, but noted that certain offending language appeared in numerous other provisions throughout the advance notice bylaws. 

Posted In: AIM