MediPharm Labs has issued a warning to its shareholders regarding three of the six board directors nominated by Apollo Technology Capital Corporation for election at its upcoming annual meeting. The company highlighted past events at Check-Cap (CHEK, Financial), a company listed on Nasdaq, as an example of questionable governance practices by these individuals. Over recent years, Check-Cap has been criticized for issues such as inadequate transparency, misuse of funds, frequent leadership changes, and unfulfilled promises to shareholders.
There is particular concern over the financial dealings involving significant cash transfers from Check-Cap to Apollo and its associated companies. These transactions were linked to a merger agreement announced over a year ago, which remains uncompleted. The involvement of Regan McGee, a dissident nominee and shareholder, in these transactions heightens the scrutiny.
MediPharm's Chair, Chris Taves, has advised shareholders to carefully consider the implications of supporting McGee’s board nominees, indicating that their history with Check-Cap warrants caution in the upcoming board elections.
