PURE Bioscience (PURE) Enters Agreement with Coalition for Proxy Contest Termination
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PURE Bioscience, Inc. (NASDAQ: PURE), announced the signing of an agreement with Richmont Corporation, Richmont Holdings, Inc., Richmont Sciences, LLC, IV-7 Direct, John P. Rochon and The Coalition to Save Pure (the “Coalition”) to resolve and terminate the pending proxy contest in connection with PURE’s 2012 annual meeting of stockholders.
Under the terms of the settlement agreement, which will be timely filed with the U.S. Securities and Exchange Commission, the proxy contest will be withdrawn and Richmont Corporation will vote for the election of each nominee on PURE’s slate of directors.
As part of the settlement, PURE has agreed to replace one PURE director on its board of directors with an independent director of its choosing and to appoint an additional independent director of its choosing to PURE’s board of directors within 12 months after the 2012 annual meeting of stockholders.
The settlement agreement also includes dismissal of all litigation among the related parties, among other terms.
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Under the terms of the settlement agreement, which will be timely filed with the U.S. Securities and Exchange Commission, the proxy contest will be withdrawn and Richmont Corporation will vote for the election of each nominee on PURE’s slate of directors.
As part of the settlement, PURE has agreed to replace one PURE director on its board of directors with an independent director of its choosing and to appoint an additional independent director of its choosing to PURE’s board of directors within 12 months after the 2012 annual meeting of stockholders.
The settlement agreement also includes dismissal of all litigation among the related parties, among other terms.
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