New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
June 24, 2014
16:32 EDTAFFYAffymax board announces decision to dissolve company
Affymax announced that its Board of Directors has approved the liquidation and dissolution of the company, subject to stockholder approval, and plans to distribute all available cash to its stockholders as soon as legally permitted and reasonably practicable after paying or making reasonable provision for all known and potential liabilities and other obligations of the company. Based on the information the company currently has available, which is subject to change, the company estimates that the aggregate amount of the distribution to stockholders could be a few cents per share, based on 37,490,095 shares of common stock outstanding as of April 30, and the remaining cash of approximately $4M as of May. The company's Board of Directors has approved a plan of liquidation and dissolution of the company, which is subject to stockholder approval. The company intends to call a meeting of its stockholders to seek approval of the dissolution and will file proxy materials with the SEC as soon as practicable.
News For AFFY From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
November 26, 2014
16:24 EDTAFFYAffymax adopts tax benefit preservation plan
Affymax announced that its board has adopted a Tax Benefit Preservation Plan, or Rights Plan, in an effort to preserve the value of its significant net operating loss carryforwards, or NOLs, in relation to the potential limitations under Section 382 of the Internal Revenue Code. The company had federal NOLs totaling approximately $481M at December 31, 2013, a substantial portion of which are limited due to a prior “ownership change”. The company’s use of the remaining NOLs could be substantially limited if the company experiences another “ownership change”. In general, an ownership change occurs if there is a cumulative change in a company’s ownership by “5% shareholders” that increases by more than 50 percentage points over the lowest percentage owned by such stockholders at any time during the prior three years on a rolling basis. The company noted that the Rights Plan is designed to serve the interests of all stockholders by helping to protect the company’s ability to use its NOLs to offset future tax liabilities and is similar to plans adopted by other companies with significant tax attributes.
16:22 EDTAFFYAffymax announces 5c per share special distribution
Subscribe for More Information
16:20 EDTAFFYAffymax appoints Jonathan Couchman as CEO
The Affymax board appointed Jonathan M. Couchman as a Class I director of the company and as its president and CEO, and the remaining members of the board have resigned. The company, under the leadership of Couchman, will continue its evaluation of strategic alternatives.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use