Leading Proxy Advisory Firms ISS and Glass Lewis Recommend Ardelyx Stockholders Vote in Favor of Proposed Share Increase
05 Junho 2023 - 9:00AM
Ardelyx, Inc. (Nasdaq: ARDX), a biopharmaceutical company founded
with a mission to discover, develop and commercialize innovative,
first-in-class medicines that meet significant unmet medical needs,
today announced that leading proxy advisory firms Institutional
Shareholder Services Inc. (ISS) and Glass Lewis & Co (Glass
Lewis) have recommended that Ardelyx stockholders vote “FOR” the
Company's proposal to amend the Company’s certificate of
incorporation to increase Ardelyx’s authorized shares of common
stock from 300 million to 500 million shares.
In the report dated May 29, 2023, ISS noted that “A vote FOR
this proposal is warranted given that the size of the proposed
increase in the number of authorized shares of common stock is
reasonable and there are no substantial concerns about the
company's past use of shares.”
“We are pleased that both ISS and Glass Lewis support our
proposal to increase the number of authorized shares of common
stock,” said Mike Raab, president and chief executive officer of
Ardelyx. “While we do not currently have any plans for these
additional shares, the Ardelyx Board of Directors believes that
additional authorized shares of common stock would give the Company
the necessary flexibility to issue shares for various corporate
purposes, including, in particular, capital-raising or financing
transactions, and enable the Company to take timely advantage of
market conditions and opportunities.”
The Company’s upcoming Annual Meeting of Stockholders is
scheduled to be held on June 15, 2023 at 8:30am ET. Detailed
information about all the proposals can be found in Ardelyx’s Proxy
Statement, which is available to stockholders at ir.ardelyx.com.
Using their control number, stockholders can vote at
www.proxyvote.com. Stockholders can participate electronically in
Ardelyx’s virtual Annual Meeting at
www.virtualshareholdermeeting.com/ARDX2023.
Your vote is important. Please submit your proxy on the
internet or by telephone before 11:59 p.m. ET time on June 14,
2023.
If stockholders have any questions or need assistance voting
shares, they may contact the firm assisting the Company in
solicitation of proxies: Morrow Sodali at (203) 658-9400 or
ARDX@investor.morrowsodali.com.
About Ardelyx, Inc.Ardelyx was founded with a
mission to discover, develop and commercialize innovative,
first-in-class medicines that meet significant unmet medical needs.
Ardelyx’s first approved product, IBSRELA® (tenapanor) is available
in the United States and Canada. Ardelyx is developing XPHOZAH®
(tenapanor), a novel product candidate for the control of serum
phosphorus in adult patients with chronic kidney disease (CKD) on
dialysis, which has completed three successful Phase 3 trials.
Ardelyx has a Phase 2 potassium lowering compound, RDX013, for the
potential treatment of elevated serum potassium, or hyperkalemia, a
problem among certain patients with kidney and/or heart disease and
an early-stage program in metabolic acidosis, a serious electrolyte
disorder in patients with CKD. Ardelyx has established agreements
with Kyowa Kirin in Japan, Fosun Pharma in China and Knight
Therapeutics in Canada for the development and commercialization of
tenapanor in their respective territories. For more information,
please visit https://ardelyx.com/ and connect with us on Twitter,
LinkedIn and Facebook.
Additional Information and Where to Find ItThis
communication may be deemed solicitation material in respect of the
Company’s upcoming Annual Meeting of Stockholders scheduled to be
held on June 15, 2023 to vote on, among other matters, an amendment
to the Company's Amended and Restated Certificate of Incorporation
to effect an increase in the number of authorized shares of the
Company. This communication does not constitute a solicitation of
any vote or approval of the proposals to be voted on at the Annual
Meeting of Stockholders. In connection with the Annual Meeting of
Stockholders, the Company filed with the Securities and Exchange
Commission (the SEC) and mailed to its stockholders a proxy
statement regarding the business to be conducted at the Annual
Meeting of Stockholders.
The Company may also file other documents with the SEC regarding
the business to be conducted at the Annual Meeting of Stockholders.
This communication is not a substitute for the proxy statement or
any other document that may be filed by the Company with the
SEC.
BEFORE MAKING ANY VOTING DECISION, THE COMPANY'S STOCKHOLDERS
ARE URGED TO READ THE PROXY STATEMENT AND ANY AMENDMENTS THERETO
(WHEN AVAILABLE) IN THEIR ENTIRETY AND ANY OTHER DOCUMENTS FILED OR
TO BE FILED BY THE COMPANY WITH THE SEC IN CONNECTION WITH THE
BUSINESS TO BE CONDUCTED AT THE ANNUAL MEETING OF STOCKHOLDERS
BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE
BUSINESS TO BE CONDUCTED AT THE ANNUAL MEETING OF STOCKHOLDERS
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS TO BE
CONDUCTED AT THE ANNUAL MEETING OF STOCKHOLDERS.
Stockholders may obtain a free copy of the proxy statement and
other documents the Company files with the SEC through the website
maintained by the SEC at www.sec.gov. The Company makes available
free of charge on its investor relations website copies of
materials it files with, or furnishes to, the SEC.
Participants in the SolicitationThe Company and
its directors, executive officers and certain employees and other
persons may be deemed to be participants in the solicitation of
proxies from the Company’s stockholders in connection with the
business to be conducted at the Annual Meeting of Stockholders.
Investors and security holders may obtain more detailed information
regarding the names, affiliations and interests of the Company's
directors and executive officers in the definitive proxy statement
filed in connection with the Annual Meeting of Stockholders, which
may be obtained free of charge from the sources indicated above. To
the extent the holdings of the Company’s securities by the
Company’s directors and executive officers have changed since the
amounts set forth in the definitive proxy statement, such changes
have been or will be reflected on Statements of Change in Ownership
on Form 4 filed with the SEC.
Investor and Media Contacts: Caitlin
Lowieclowie@ardelyx.com
Kimia Keshtbod kkeshtbod@ardelyx.com
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