- SINOVAC (SVA, Financial) urges shareholders to vote against proposals to replace the current board.
- Board declares a special $55.00 per common share cash dividend, with plans for additional dividends.
- Efforts to resume NASDAQ trading and strategic realignment are underway.
The Board of Directors of SINOVAC Biotech Ltd. (SVA), a leading biopharmaceutical company, is urging shareholders to reject proposals to reconstitute a former board at the upcoming Special Meeting of Shareholders, scheduled for July 9, 2025. The board is actively opposing the efforts of a Dissenting Investor Group aiming to gain control of the company, which they claim poses a direct threat to shareholder value.
SINOVAC has announced a special cash dividend of $55.00 per common share, set to be distributed on July 7, 2025. Further financial strategies include additional dividends of $11.00 and $19.00 per share, contingent upon the cancellation of unauthorized shares. The board also plans to issue regular dividends from surplus cash with potential future payouts ranging from $20.00 to $50.00 per share.
The current SINOVAC board is also focused on resuming trading on NASDAQ, which was halted due to compliance issues under prior leadership, and is exploring potential listings on the Hong Kong Stock Exchange to enhance liquidity and shareholder value. Despite ongoing litigation from the Dissenting Investor Group, the board remains committed to fulfilling its dividend promises and defending shareholder interests in both New York and Hong Kong courts.
Shareholders are encouraged to vote against the proposals to remove the current board and to discard any voting materials from the Dissenting Investor Group. For more detailed information regarding the voting process, shareholders can contact SINOVAC's proxy solicitor or visit their designated website.