LEGAL PROCEEDINGS
−Removed: On July 23, 2021, David R.
−Removed: purported stockholder of the Company, filed a putative class action and shareholder derivative complaint in the Court of Chancery of the State of Delaware (C.A.
−Removed: 2021-0644 JRS) against the Company and all of its directors and certain of its
−Removed: executive officers.
−Removed: The plaintiff named all current directors of PDS as defendants as well as PDS’s Chief Scientific Officer and PDS’s Chief Medical Officer and also named PDS as a nominal defendant.
−Removed: The plaintiff claims PDS’s bylaws
−Removed: required tabulation of broker non-votes on Proposal 3 at the Company’s 2021 annual stockholder meeting held on June 17, 2021, which sought shareholder approval of the Second Amended and Restated PDS Biotechnology Corporation 2014 Equity Incentive
−Removed: Plan (the “Restated Plan”).
−Removed: The complaint asserts claims for breach of fiduciary duties, declaratory judgment, waste of corporate assets and unjust enrichment in connection with the Restated Plan and the granting of an aggregate award of 1,040,700
−Removed: stock options to certain executive officers pursuant to the Restated Plan.
−Removed: The plaintiff seeks unspecified monetary damages, seeks to have the Restated Plan declared void, and seeks recission of the grant of stock options as ultra vires.
−Removed: Given the early stage of this lawsuit, PDS is unable to reasonably estimate the costs associated with the lawsuit or predict the outcome.
−Removed: Each of the Company,
−Removed: its directors and the named aforementioned executives intend to defend this action vigorously.
−Removed: There can be no guarantee as to the timing of any resolution.
−Removed: PDS may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business.
−Removed: Such matters are subject to many uncertainties and outcomes are not predictable with assurance.
+Added: The information in Note 9 to the Condensed Consolidated Financial Statements contained in Part I, Item 1 of this Quarterly
+Added: Report on Form 10-Q is incorporated herein by reference.
+Added: There are no matters which constitute material pending legal proceedings to which we are a party other than those incorporated into this item by reference from Note 9 to our Condensed
+Added: Consolidated Financial Statements for the quarter ended March 31, 2022 contained in this Quarterly Report on Form 10-Q.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.