- WPD Pharmaceuticals (WBIO) proposed restructuring of Polish subsidiary
- WPD Poland is obligated to convene an extraordinary general meeting of its shareholders to vote on recovery plan
- The Board has approved a recovery plan of WPD Poland, being the restructuring
- It believes that the restructuring will enable WPD Poland to operate and pursue its research and development objectives
- WPD Pharmaceuticals Inc. (WBIO) is sitting at C$0.07 at 3:58 pm EST
WPD Pharmaceuticals (WBIO) has approved a plan to restructure its wholly-owned Polish subsidiary WPD Pharmaceuticals sp. z.o.o.
Due to negative shareholders’ equity in WPD Poland, under Polish corporate law, WPD Poland is obligated to convene an extraordinary general meeting of its shareholders to vote on the implementation of a recovery plan or file a bankruptcy proceeding.
As the sole shareholder of WPD, the board has approved a recovery plan of WPD Poland, being the restructuring.
The first step of the restructuring is to reduce the outstanding share capital of WPD Poland through a voluntary redemption of 53,384 shares of WPD Poland by the company for no cash consideration, increasing the supplementary and reserve capitals of WPD Poland.
The second step will be to increase the share capital of WPD Poland by converting loan receivables into new shares of WPD Poland.
It believes that the restructuring will enable WPD Poland to operate and pursue its research and development objectives. WPD Pharma will provide more updates as the restructuring plan is implemented.
WPD is a biotechnology research and development company with a focus on oncology and virology, namely the research and development of medicinal products involving biological compounds and small molecules. WPD has licensed in certain countries 10 novel drug candidates with four that are in the clinical development stage.
These drug candidates were researched at institutions, and WPD currently has ongoing collaborations with Wake Forest University and leading hospitals and academic centers in Poland.
WPD Pharmaceuticals Inc. (WBIO) is sitting at C$0.07 at 3:58 pm EST.
