AN2 Therapeutics adopts limited duration stockholder rights plan

AN2 Therapeutics announced that it has adopted a limited duration stockholder rights plan, which is scheduled to expire on August 15, 2025. The company recently became aware of the rapid accumulation of a significant amount of the common stock of the company by BML Investment Partners, as disclosed in a Schedule 13G/A filed with the U.S. Securities and Exchange Commission on August 14. The board of directors believes that the rights plan will help promote the fair and equal treatment of all stockholders of the company and ensure that the Board remains in the best position to discharge its fiduciary duties to the company and its stockholders. The rights plan will guard against efforts to capitalize on the recent share price of the company through open market accumulations and other coercive tactics aimed at gaining control of the company without paying all stockholders a full control premium for their shares. Under the plan, one preferred stock purchase right will be distributed for each share of common stock held by stockholders of record on August 29. Under certain circumstances, each right will entitle stockholders to buy one one-thousandth of a share of newly-created Series A Junior Participating Preferred Stock of the company at an exercise price of $6.50. The company’s board of directors will be entitled to redeem the rights at 1c per right at any time before a person or group has acquired 20% or more of the outstanding common stock. The rights will expire on August 15, 2025, subject to the company’s right to extend such date, unless earlier redeemed or exchanged by the company or terminated.