The Committee to Restore Nymox Shareholder Value Provides Factual Update to Nymox Shareholders Regarding Special Meeting
The Committee to Restore Nymox Shareholder Value, Inc. (“CRNSV”), with a goal to recover shareholder value in Nymox Pharmaceutical Corporation (NYMX-F) (the “Company” or “Nymox”), today issued the following statement to Nymox shareholders regarding the special meeting of shareholders originally scheduled to be held on November 8, 2023 (the “Special Meeting”), which it validly called in accordance with the Order of the Supreme Court, Commercial Division, of the Commonwealth of the Bahamas (the “Bahamian Supreme Court”), filed October 5, 2023 (the “Order”). For the reasons detailed below, the Special Meeting will be postponed until further court rulings and CRNSV intends to steadfastly and vigorously pursue the urgent holding of the Special Meeting on behalf of all concerned Nymox shareholders within the Bahamian laws.
CRNSV statement to Nymox shareholders:
“While we are disappointed to have to announce that the Special Meeting is being postponed due to Nymox’s repeated and obstructive efforts to avoid accountability at all costs, CEO Paul Averback and his underperforming Board allies will not prevent us from vigorously defending the court-ordered Special Meeting and from pursuing all legal avenues necessary to ensure shareholders’ voices are heard. To be clear, the Bahamian Supreme Court Order which directed the shareholder meeting be called was neither overturned nor was the calling of the Special Meeting deemed invalid –– there is currently a stay in place until the hearing of Nymox’s application seeking to set aside the Order, which is expected to occur expeditiously and we will push for such urgency, as well as vigorously defend the upholding of the Order. Declaring premature and hollow “victories” is a trait of inexperienced and inward-looking leadership that has plagued Nymox for years.
Despite having validly called the Special Meeting pursuant to the Bahamian Supreme Court Order, Averback and his submissive Board have attempted to stymie shareholder voices from the very beginning. The Bahamian Supreme Court Order clearly ordered the calling of a shareholder meeting by Nymox and if Nymox did not call the meeting, CRNSV was permitted to do so. Rather than do what is right and call the Special Meeting pursuant to the Order, Averback and the Board have taken every step possible to silence shareholders and prevent the court-ordered Special Meeting from being held, including by issuing repeated false, misleading and contemptuous statements regarding CRNSV, its nominees, and the Special Meeting. Perhaps most disturbing, yet indicative of how far they will go to avoid losing control, Nymox issued contemptuous statements undermining the validity of the Order and the authority of the Bahamian Supreme Court, which we find deeply disturbing.
Most recently, Nymox filed a separate action in California court against CRNSV in a blatant attempt to forum shop, subvert the Bahamian Court, and to further obstruct the holding of the Special Meeting and prevent shareholders’ voices from being heard. Do not be fooled by Nymox’s purported claims of victory - the Temporary Restraining Order (TRO) in California court was extremely narrowly tailored and merely directs CRNSV from disclosing or using attorney-client privileged information, which is always the law and CRNSV has always abided by, and requires that CRNSV make available to Nymox certain “NYMOX Property” within 30 days. Importantly, that TRO has absolutely no bearing on the validity of the Special Meeting, yet Nymox inappropriately used it to mislead the Bahamas court this past Friday just before the Bahamas court ruled on the stay of the Order.
Despite the resulting “stay” issued in the Bahamas court on Friday, which CRNSV will follow with integrity, and the temporary postponement of the Special Meeting, it is important to note the original Order was not overturned–and we will continue to fight for shareholders voices to be heard, however long it takes. We will vigorously defend the Bahamian Supreme Court Order, as issued, and pursue all legal pathways to ensure the Special Meeting is promptly held. We worked relentlessly on behalf of all Nymox shareholders to have the meeting ordered in the first place and will continue those efforts until justice is served and you the shareholders have a say on the future of your Company. We thank all shareholders for their support as we continue to steadfastly advocate for all shareholders’ voices to be heard and in the best interests of Nymox as a company moving forward.
We call on Averback and the Board to cease taking any further actions calculated to frustrate the exercise of shareholder democracy. Shareholders, the true owners of the Company, have the right to seek to improve their investment and appoint representatives that they believe are best suited to lead their company. Averback and the Board are using your money to prevent your voices from being heard at a special meeting that they were ordered to call. Their scorched-earth efforts to stymie shareholder voices and maintain the troubling status quo are emblematic of a severely misaligned leadership team and Board that must be held accountable.
To that end, we will keep you posted on material developments relating to the Special Meeting, and will make every effort to ensure the meeting is promptly held in line with the Bahamian Supreme Court Order. While we need to temporarily place the voting on hold, rest assured we will be back and if you already submitted your proxy to vote previously, your proxy will remain valid.
We intend to fight hard and ensure your votes are counted at a validly called Special Meeting so that Averback and the Board are held responsible for their significant and continuing failures as leaders of Nymox. We will not abandon the significant and continually growing levels of support from the majority of shareholders and the shares they hold and will continue to advocate for you all.”
About The Committee to Restore Nymox Shareholder Value, Inc. (CRNSV)
CRNSV was formed by former executives of the NYMOX PHARMACEUTICAL CORP ("NYMX-F") with a goal to restore shareholder value in NYMOX (the Company). With a commitment to overcome the steep decline and volatility of the stock price following the catastrophic NASDAQ Delisting Decision, CRNSV has issued rebuttal letters to all Company shareholders and continues to emphasize lack of Company leadership, inability to realize the potential for valuable and promising results through a relationship with a highly respected global healthcare and specialty pharmacy solutions company with expertise to help commercialize the Company’s Benign Prostatic Hyperplasia (BPH) product, and Nymox’s lack of solution or plan for financial recovery of shareholder value. Headquartered in Carson City, Nevada with offices in London, CRNSV documents are available at https://www.crnsv.com/.
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