Adamis and La Jolla Pharmaceutical Company Kill Merger Deal
"We were disappointed we were not able to secure enough votes from our stockholders to close the proposed merger with Adamis, as we believe the merger provided our stockholders with the best opportunity for potential future value," said Dr. Deirdre Y. Gillespie, La Jolla's CEO. "Our board of directors is evaluating the options available to La Jolla, which are very limited largely because the structure of our stockholder base, 66 million shares held by thousands of small stockholders, makes it extremely challenging, if not impossible, to accomplish any transaction that requires a stockholder vote."
Immediately after Nasdaq suspended trading, the Company's common stock began being quoted on the Pink OTC Markets Inc. (the "Pink Sheets").
SOURCE: La Jolla Pharmaceutical Company
La Jolla Pharmaceutical Company Gail A. Sloan Vice President of Finance and Secretary 858-452-6600 gail.sloan@ljpc.com
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