- Apollo Technology Capital Corporation, holding 3% of MediPharm Labs (MEDIF, Financial), calls for a complete board overhaul.
- MediPharm Labs faces severe financial distress with only $8 million cash remaining as of March 31, 2025.
- Apollo's 5-Pillar Plan aims to restore shareholder value and prevent further financial losses.
Apollo Technology Capital Corporation, a significant shareholder with 3% ownership in MediPharm Labs (MEDIF), has filed an amended and restated proxy circular urging a complete overhaul of the company’s board at the upcoming Annual Meeting scheduled for June 16, 2025. The activist investor highlights severe financial issues, including a projected cash depletion by November 2025, with just $8 million remaining as of March 31, 2025.
The current management of MediPharm Labs has been criticized for accumulating $1 billion in shareholder losses, excessive executive compensation packages, and a lack of transparency, with no shareholder calls for the past three quarters. To address these issues, Apollo proposes six new director nominees who bring significant expertise in turnaround, mergers and acquisitions, and operations.
Apollo’s comprehensive 5-Pillar Plan includes replacing the current leadership, instituting financial discipline, retaining strategic assets, unlocking international medical growth, and restoring trust through improved governance. Shareholders are urged to support Apollo’s nominees using the GOLD proxy card and to disregard MediPharm's GREEN proxy card.
A dedicated campaign website, www.CureMediPharm.com, provides detailed information about this proposed strategy and the actions planned by the nominees in their first 100 days if elected. This initiative by Apollo is deemed crucial to preventing further financial deterioration and restoring value to MediPharm Labs (MEDIF, Financial) investors.
