TORONTO and SAN FRANCISCO, June 01, 2023 (GLOBE NEWSWIRE) -- Anson Funds (“Anson”) and Cable Car Capital LLC (“Cable Car” and, together with Anson, “we” or “us”), which collectively beneficially own approximately 14.8% of the outstanding common stock of MEI Pharma, Inc. (the “Company” or “MEIP”; NasdaqCM: MEIP), today issued the following statement in response to the rejection by the Company’s board of directors (the “Board”) of our proposal to acquire all outstanding shares of MEIP not already held by our respective funds for cash consideration of not less than $8.00 per share, plus a contingent value right representing the right to receive 80% of the net proceeds from any license or disposition of the Company’s clinical assets (the “Acquisition Proposal”):
“We believe the Board’s outright rejection of our Acquisition Proposal, without any effort to engage with us, represents a complete derogation of its fiduciary duties to the Company’s stockholders. It is simply inaccurate for the Board to state that our Acquisition Proposal does not provide a basis for discussions. We believe it is incumbent on the Board to act promptly on our Acquisition Proposal to preserve and protect stockholder value, rather than continue down the path of its highly uncertain transaction with Infinity Pharmaceuticals. We reiterate our willingness to meet with the Board to discuss our Acquisition Proposal in good faith, as we firmly believe that it will result in a far superior outcome for stockholders than the Infinity transaction. Should those discussions reveal additional value inherent in the Company, we would also be willing to consider modifications to our Acquisition Proposal to reflect new information. We urge our fellow stockholders who support our Acquisition Proposal to make their views known and have their voices heard by the Board.”
Anson Funds is a privately held alternative asset manager with $1.6B in assets. The firm was founded in 2007 with offices in Toronto and Dallas.
About Cable Car
Cable Car Capital LLC is a registered investment adviser based in San Francisco and the general partner of Funicular Funds, LP, an investment partnership.
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