Delaware Court Rules In Favor Of AIM ImmunoTech, Upholds Activist Group's Board Nominations Invalid

(RTTNews) - ImmunoTech Inc. (AIM) Friday announced the Delaware Court ruled that the nomination notice submitted by an activist group was properly rejected for being invalid under the Company's Bylaws. The activist group was seeking to nominate three candidates for election to ImmunoTech's four-person Board of Directors.

The Company plans to adjourn the AGM until Friday, January 5, 2024 at 11:00 a.m ET.

In the pre-market session, the stock is up more than 7 percent, from the previous close of $0.48.

The AIM Board had unanimously determined that the Activist Group's nomination notice was invalid because it omitted key information and included misleading information, ignoring what the Company's Bylaws require to be disclosed.

Further to the ruling, the Company will disregard the activist Group's director nominations, and no proxies or votes in favor of their three nominees will be recognized at the AGM 2023.

Thomas Equels, CEO said, "...We are pleased that the Court has validated the Board's determination that the Activist Group omitted and misrepresented critical information related to its members' backgrounds and intentions for AIM."