Paladin Labs Inc. (PLB.TO: Quote), and Allon Therapeutics Inc. (NPC.TO: Quote) announced that in accordance with the Order for Reorganization in Allon's proposal proceedings under the Bankruptcy and Insolvency Act and under the Canada Business Corporations Act which have been previously announced, Paladin has become the sole shareholder of Allon.
The company said that immediately prior to Paladin becoming the sole shareholder of Allon, all existing issued and outstanding shares and other securities of Allon were, pursuant to the Court Order, cancelled without payment or other consideration.
One of the other consequences of Paladin becoming the sole shareholder of Allon is that Allon will cease being a reporting issuer in Canada, the company noted.
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by RTT Staff Writer
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