Sinovac Biotech Ltd. (SVA), Friday announced that the company has implemented Privy Council's ruling, which came after a judgement stating that nominees proposed by a group of shareholders at the 2018 Annual General Meeting was rightfully elected to the board, and simultaneously invalidated Rights Agreement.
Following this, the new Board, comprising of Dr. Chiang Li as Chairman, Mr. Yuk Lam Lo, Dr. David Guowei Wang, Mr. Pengfei Li, and Mr. Jianzeng Cao, has recognized three of its five directors as independent.
The Board is also planning to appoint a third member for the Audit Committee to meet the Nasdaq Rule 5605 requirement.
Meanwhile, as the company's Rights Agreement has been voided, all the exchange shares issued under it, including around 27.8 million common shares and nearly 14.6 million convertible series B preferred shares will be cancelled.
The New Board is also working with Nasdaq to resume trading of the company's shares, as well as validate the outstanding shares.
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