Key Developments For Neurobiological Technologies, Inc.
Neurobiological Technologies, Inc. (NTII.O) (Consolidated Issue listed on NASDAQ Capital Market)
Neurobiological Technologies Announces Extraordinary Dividend of $0.18 per Share
Neurobiological Technologies announced that it has declared an extraordinary dividend of $0.18 per share of common stock, which will be paid on December 9, 2009 to stockholders of record as of November 30, 2009. The December 9, 2009 extraordinary dividend follows stockholder approval of the dissolution of NTI pursuant to a plan of complete liquidation and dissolution and an earlier extraordinary dividend of $0.75 per share that was paid to shareholders on November 18, 2009.
Neurobiological Technologies Announces Stockholder Approval Of Plan Of Liquidation And Dissolution; Declares Extraordinary Dividend
Neurobiological Technologies announced that its stockholders have voted in favor of the Company's dissolution pursuant to a plan of liquidation and dissolution at a special meeting of stockholders held on October 27, 2009. In connection with the dissolution, the Company also announced that its Board of Directors have declared an extraordinary dividend of $0.75 per share of common stock, which will be paid to stockholders of record as of November 10, 2009. In connection with the dissolution of the Company, the Company plans to file a Form 25 with the Securities and Exchange Commission to effect the voluntary delisting of its common stock from NASDAQ after the extraordinary dividend is paid to stockholders.
Neurobiological Technologies Announces Intent To File Form 25 To Delist Common Stock From The NASDAQ Capital Market
Neurobiological Technologies announced that it has submitted written notice to the NASDAQ Stock Market LLC (NASDAQ) that NTI intends to file a Form 25 with the Securities and Exchange Commission (SEC) on or about October 28, 2009 to effect the voluntary delisting of its common stock from NASDAQ, if the Company's stockholders approve the dissolution of the Company pursuant to a Plan of Complete Liquidation and Dissolution at the special meeting of stockholders planned for October 27, 2009.
Neurobiological Technologies Announces Board Approval of Plan of Liquidation and Dissolution; Plans to Declare Extraordinary Dividend
Neurobiological Technologies announced that its Board of Directors has determined, after consideration of potential strategic alternatives, that it is in the best interests of the Company and all its stockholders to liquidate the Company's assets and to dissolve the Company. The Company intends to call a special meeting of the stockholders to seek approval of the plan of dissolution and the amendment to the certificate of incorporation. If approved, the Company intends to redeem all outstanding shares of preferred stock, pay an extraordinary dividend to all holders of common stock and then proceed with the orderly wind down and dissolution of the Company.
Neurobiological Technologies Announces Termination of License and Cooperation Agreement with Merz and Children's Medical Center
Neurobiological Technologies announced that it has entered into an agreement to terminate its license and cooperation agreement with Merz Pharmaceuticals GmbH (Merz) and Children's Medical Center Corporation (CMCC). Pursuant to the termination of the agreement, within 10 business days Merz will make a final payment to NTI in satisfaction of all its royalty and other obligations under the license and cooperation agreement. Also pursuant to the termination agreement, NTI and Merz agreed to a mutual release of all claims related to the license and cooperation agreement. NTI also announced that it received a regularly scheduled royalty payment from Merz immediately prior to entering into the termination of the license and cooperation agreement. Under the license and cooperation agreement, as amended in 2008, NTI and CMCC have been entitled to receive quarterly royalty payments from Merz on sales of Memantine in the United States, with scheduled reductions in the royalty rates. The termination of the agreement with respect to NTI does not affect the rights and obligations flowing between Merz and CMCC under the amended agreement.
