Flex Pharma FLKS shares are trading lower after the company announced more shareholder votes are required to complete its merger with Salarius Pharma despite “overwhelming support.”
According to Flex Pharma, additional shares must be voted in order to complete the planned merger with Salarius Pharmaceuticals, an epigenetic oncology company.
Flex Pharma has also adjourned the special meeting until July 12 in order to provide shareholders with more time to complete proxies and vote their shares.
“We are very pleased that the vast majority of shareholders who voted support the merger with Salarius, consistent with the recommendations of both leading, independent proxy advisory services ISS and Glass-Lewis,” said Flex Pharma CEO William McVicar.
Flex Pharma traded down 26.6% to 47 cents per share.
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