- POAI sent letter to shareholders requesting attendance at virtual Special Meeting on December 30, 2020
- Meeting will address reincorporation of POAI in Nevada
- Reincorporation expected to save POAI approximately $158,000 annually in state taxes
- Shareholders can vote online or by telephone, detailed instructions outlined in proxy materials
Predictive Oncology (NASDAQ: POAI), a knowledge-driven company focused on applying artificial intelligence (“AI”) to personalized medicine and drug discovery, recently sent a letter to all shareholders urging them to attend a virtual Special Meeting of Stockholders (the “Meeting”). Originally scheduled for December 1, 2020, the Meeting will be reconvened on December 30, 2020 at 3:00 p.m. CST, where all shareholders will be requested by the Board of Directors and management of POAI to vote “FOR” the proposals put forward at the Meeting.
The Board of Directors and management of POAI are proposing that the corporation reincorporates in Nevada for the purpose of eliminating its obligation to pay the Delaware franchise tax of approximately $170,000 per year. By reincorporating in Nevada, POAI management believes that the company can save approximately $158,000 annually in state taxes.
“We are asking you to vote for allowing the company to reincorporate in the state of Nevada, moving away from Delaware,” writes POAI CEO Carl Schwartz (https://ibn.fm/UsMtz). “First and foremost, the reincorporation in Nevada will eliminate our obligation to pay the injurious annual Delaware franchise tax, which is currently equal to approximately $170,000 per year. We can save approximately $158,000 annually in state taxes by reincorporating in Nevada. Also, we believe that for the reasons described in the proxy materials, in general, Nevada law provides greater protection to our directors, officers and the company than Delaware law.”
In order for the reincorporation to be approved, the proposal must receive a “For” vote from the majority of outstanding shares of common stock of the company. At POAI’s recent Annual Meeting, the reincorporation vote received a larger amount of “For” votes than “Against” votes; however, the amount required for the vote to pass fell short for a majority of the outstanding shares. Management at POAI is urging all shareholders to vote their shares online or by telephone by following the instructions outlined in their proxy materials.
POAI is bringing precision medicine, or tailored medical treatment using the individual characteristics of each patient, to the treatment of cancer. Through its Helomics division, the company leverages its unique, clinically validated patient derived (“PDx”) smart tumor profiling platform to provide oncologists with a roadmap to help individualize therapy. In addition, the company is leveraging artificial intelligence and its proprietary database of over 150,000 cancer cases tumors to build AI-driven models of tumor drug response to improve outcomes for the patients of today and tomorrow.
For more information, visit the company’s website at www.Predictive-Oncology.com.
NOTE TO INVESTORS: The latest news and updates relating to POAI are available in the company’s newsroom at http://ibn.fm/POAI
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