Sauntering off into a Florida sunset pursued by litigants on at least one continent Akers Biosciences held a Board meeting with itself.
Well, the self that is the 49% of the common and series D convertible stockholders that attended by webcast, mostly Iroquois Capital Management, Mr Joshua Silverman, Mr Richard Abbe, and Ms Kimberly Page with Mr Silverman conveniently being the executive chairman of Akers which is assuredly a matter of appreciated efficiency for shareholders, board members, and inquiring regulators.
And with no amount of tongue placed firmly in cheek the shareholders agreed to a merger of its no revenue $200 million loss company with a no revenue $150 million loss Florida shell company, MyMd, receiving 20% of the merged equity, money for the enlightened management decision-makers for agreeing to merge, an equity incentive plan, why bother, and a horseshoe toss of $1.5 million with the remnants of the Cystron shell to a new Delaware shell company, Oravax, at which is Mr Silverman moonlights as the CEO.
Akers 13% shareholding in Oravax is joined by Chinese owned Oramed which will pay $1.5 million for 63% of Oravax while graciously accepting one out of three board seats, Mr Silverman who seems quite pressed for time these days, will occupy one, and willingly sign on to the multiparty Oravax agreement that includes Cystron's original shareholders whom it seems lack permission from the Government of India to have contracted in the first place.
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