VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 29, 2016) - SciVac Therapeutics Inc. (“SciVac” or the “Company”) (VAC.TO)(SVACF) is pleased to announce that SciVac received shareholder approval at its special meeting of shareholders (the “Meeting”) held today in Vancouver, BC, Canada in connection with the previously-announced merger (the “Merger”) whereby, subject to the satisfaction of certain conditions, SciVac will issue up to 650,000,000 common shares of the Company (the “SciVac Shares”) as is necessary to allow SciVac to acquire 100% ownership of VBI Vaccines Inc. (“VBI”), including SciVac Shares issuable upon the exercise or conversion of VBI options and VBI warrants, as applicable (the “Share Issuance”).
A total of 414,127,092 of the 756,599,439 SciVac Shares outstanding were voted at the Meeting, representing approximately 54.74% of the issued and outstanding SciVac Shares. SciVac received shareholder approval of the Share Issuance, with 99.81% of the SciVac Shares being voted in favour of the Share Issuance.
SciVac also received shareholder approval for the new equity incentive plan of the Company, with 99.68% of the SciVac Shares being voted in favour of the new equity incentive plan. Furthermore, SciVac received shareholder approval for the alteration of the notice of articles to change the name of the Company to “VBI Vaccines Inc.” upon completion of the Merger, with 99.74% of the SciVac Shares being voted in favour of the name change.
In addition to shareholder approval, the Merger is also subject to the receipt of certain regulatory and stock exchange approvals, and certain other closing conditions customary in transactions of this nature.
