STAAR Surgical stockholders reject Alcon merger agreement

STAAR Surgical Company (NASDAQ: STAA) announced that stockholders did not approve the proposed merger agreement with Alcon at a special meeting held today. The company intends to terminate the merger agreement based on preliminary vote estimates from its proxy solicitor.

The Lake Forest, California-based company will remain a standalone, publicly traded entity and continue trading on Nasdaq under the ticker symbol "STAA." No termination fee will be payable by either party according to the company's statement.

"The Board approved the Alcon agreement because we determined that it was in the best interests of STAAR stockholders. We respect the outcome of the vote and look forward to working collaboratively with shareholders to ensure the best possible outcome for STAAR as a stand-alone company," said Stephen Farrell, CEO of STAAR.

STAAR develops implantable phakic intraocular lenses for vision correction. The company manufactures its EVO family of Implantable Collamer Lenses, which it describes as products that reduce or eliminate the need for glasses or contact lenses.

Farrell stated the company will continue to focus on profitable sales growth and distribution network efficiencies. STAAR operates research, development, manufacturing, and packaging facilities in California and Switzerland.

The company will file final certified results from the special meeting in a Form 8-K with the U.S. Securities and Exchange Commission. STAAR has sold more than 3 million ICLs in over 75 countries according to the press release.

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