ACT Announces Settlements and Filing of Preliminary Proxy
Proxy Sets Record Date of December 8, 2011 and Special Meeting Date of January
24, 2012
MARLBOROUGH, Mass., Dec 12, 2011 (BUSINESS WIRE) -- Advanced Cell Technology,
Inc. ("ACT"; OTCBB: ACTC), a leader in the field of regenerative medicine,
announced today that the company has entered into settlement agreements (the
"agreements") with 40 holders of certain warrants and debentures. In order to
effectuate the terms of the settlement agreements, the company has also filed a
preliminary proxy to increase the authorized shares of the company, with a record
date of December 8, 2011 and a special meeting date of January 24, 2012.
According to the terms of the agreements, ACT will issue approximately 240.5
million shares in total to this group of holders, in exchange for a mutual
two-way release of any current and/or future claims. The settlement agreements
further provide that the shares will be delivered following the approval of an
increase in the company's authorized shares by the company's stockholders.
"Announcing these settlements is another significant step in resolving past
financial challenges to the company," said Gary Rabin, chairman and CEO of ACT.
"I hope that our stockholders understand how important it is to vote 'For' the
increase in authorized shares, not only to complete the settlement agreements,
but also to ensure that the company can continue to fund its research and
development and clinical programs well into the future."
ACT's Board of Directors recommends that stockholders vote "For" the increase in
authorized shares so that the company may complete the settlements and have
additional shares in the future for financing activities to fund operations and
retain key personnel. Stockholders are invited to attend the company's Special
Meeting, which will be held at the Hyatt Regency in Palm Springs, Calif., on
Tuesday, January 24, 2012. Stockholders who have questions or need assistance
voting their shares should contact the company's proxy solicitor InvestorCom,
Inc. toll-free at (877) 972-0090.
Further Information
ACT has filed with the Securities and Exchange Commission (the "SEC") a
preliminary proxy statement in connection with its proposal to increase its
authorized shares. ACT plans to file a definitive proxy statement with the SEC
and mail such definitive proxy statement to stockholders of record on the record
date for the meeting at which stockholders will be asked to adopt the amendment
to the company's certificate of incorporation to increase the company's
authorized shares. The company, Mr. Rabin and certain of its directors, executive
officers and other members of management may, under SEC rules, be deemed
"participants" in the solicitation of proxies from the company's stockholders
with respect to the proposed increase in the company's authorized shares.
INVESTORS AND STOCKHOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND
ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE
BECAUSE THOSE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
INCREASE IN THE COMPANY'S AUTHORIZED SHARES ABOUT THE PROPOSAL AND OTHER
IMPORTANT INFORMATION INCLUDING THOSE PERSONS WHO MAY BE DEEMED "PARTICIPANTS" IN
THE SOLICITATION. Investors and stockholders may obtain a free copy of the
definitive proxy statement when it becomes available, and other documents filed
by us with the SEC, including the preliminary proxy statement, at the SEC's web
site at sec.gov. Free copies of the definitive proxy statement, when
it becomes available, and the Company's other filings with the SEC may also be
obtained from the Company by directing a request to Advanced Cell Technology,
Inc., 33 Locke Drive, Marlborough, Massachusetts 01752, Attention: Secretary.
About Advanced Cell Technology, Inc.
Advanced Cell Technology, Inc., is a biotechnology company applying cellular
technology in the field of regenerative medicine. For more information, visit
advancedcell.com. |
