Athersys (ATHX) Postpones Annual Meeting of Stockholders

Athersys, Inc. (Nasdaq: ATHX) today announced the postponement of its Annual Meeting of Stockholders, initially scheduled for Wednesday, June 15, 2022, at 8:30 a.m. ET. The Annual Meeting is now scheduled for Thursday, July 28, 2022, at 8:30 a.m. ET. The Annual Meeting will still be completely virtual. The record date for the meeting has changed to June 9, 2022.

The postponement of the Annual Meeting is intended to provide additional time for the Company to add a proposal to authorize Athersys’ Board of Directors, if in the Board’s judgment it is necessary, to select and file an amendment to the Company’s certificate of incorporation, as amended, to effect a reverse stock split of the Company’s common stock, at a ratio to be determined at the discretion of the Board. On March 18, 2022, the Company received a written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC that the Company was not in compliance with the requirement to maintain a minimum closing bid price of $1.00 per share, as set forth in Nasdaq Listing Rule 5550(a)(2), because the closing bid price of the Company’s common stock was below $1.00 per share for 30 consecutive business days. The Notice provided that the Company has until September 14, 2022 to regain compliance with the bid price requirement. The Company believes that being able to effect a reverse stock split is in the best interests of Athersys and its stockholders by allowing the Company more flexibility to, among other things, potentially improve the marketability and liquidity of its common stock and avoid the possibility of non-compliance with the listing requirements of The Nasdaq Stock Market LLC, which will allow management to focus on executing its business strategy.

In addition, the Company will ask stockholders to consider and vote to approve a revised slate of director nominees. On June 6, 2022, the Athersys Board of Directors determined that, considering the recent restructuring of the Company, a reduced Board size was in the best interest of the Company and its stockholders, and the Board reduced the size of the Board to five members, effective as of the Annual Meeting on July 28, 2022. The Board also approved that the directors would receive stock options in lieu of cash compensation retainers beginning in the fourth quarter of 2022.

Athersys will, as promptly as practicable, distribute to its stockholders of record a revised proxy statement for the Annual Meeting.

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