CARSON CITY, Nev. & LONDON--(BUSINESS WIRE)--The Committee to Restore Nymox Shareholder Value, LLC (“CRNSV”), with a goal to recover shareholder value in NYMOX PHARMACEUTICAL CORP (NYMX-F) (the “Company” or “NYMOX”), today announced that the Supreme Court, Commercial Division, of the Commonwealth of the Bahamas ruled entirely in favor of the CRNSV in an ex parte motion for an injunction. The court ordered the Company to give notice of the convening of a shareholder meeting by October 9, to be held no later than 28 days from such notice. The court order further provides that in the event of any failure by NYMOX to provide such notice by October 9, then the CRNSV is empowered to give notice of the shareholder meeting itself. Further, the ruling grants an injunction freezing a significant portion of NYMOX CEO Paul Averback’s (“Averback”) shares, as well as a portion of Director Jim Robinson’s shares, from voting at the shareholder meeting to be convened. Additionally, the court’s injunction ordered management to halt any new issuances of shares and cease any excess spending, allowing only for “ordinary business expenses” until the shareholder meeting is held. Finally, in a separate order, the court restored NYMOX to the Bahamian Company Registry as a proper entity after its previous deregistration in 2018. NYMOX management was apparently unaware that the Company had not been compliant in the Bahamas for over five years.
Chris Riley, one of the founding members of CRNSV, states, “This positive ruling on all fronts is the culmination of ongoing efforts by the long-suffering, devalued NYMOX shareholders to call a halt to the secretive, intimidating and grossly misleading activities taken by Averback; end the suppression of critical information to shareholders such as the FDA Refusal To File Letter and address the failure to commercialize the company’s product. This injunctive relief and court order are expected to stop the constant self-dealing by Averback until shareholders can have a say on the future direction of the Company at the shareholder meeting to be convened as ordered by the court. If change is supported at the shareholder meeting, we believe NYMOX will be on a much better pathway to success and shareholder value creation.”
Riley pledges CRNSV support for the many shareholders who became claimants or wrote letters of Support for these actions as mentioned in the court papers.
Riley emphasizes, “The Bahamian court has sided with shareholders to make sure their voices are heard. The objective is to allow all shareholders to take positive steps, vote on specific issues within a legal solicitation process (important details on this process will follow soon) and have a say on the future direction of the Company. We believe that shareholder input should be considered in any material decision, including those involving the pursuit of partnerships and company building activities that will support successful market access and commercialization efforts for Nymozarfex. We undertook this effort on behalf of all the disaffected, neglected and abused shareholders; as our collective focus is to make NYMOX a stable, well-funded company, with stated objectives, resources and focused management to achieve successful commercialization and generate revenue and profits, something that has not been evident to date.”
All long-suffering NYMOX shareholders, regardless of the size of their holdings, are encouraged to read more about our efforts to revitalize the Company by visiting the fully dedicated website https://www.crnsv.com/ and signing up for further updates. The full text of the Court’s order as well as the claims upon which it is based will be publicly available at that site. There is no obligation to join or support required and all personal contact information and identification will be confidential and protected. CRNSV will contact each shareholder to confirm participation and support for the changes called for in NYMOX.
About The Committee to Restore Nymox Shareholder Value, LLC (CRNSV)
CRNSV was formed by former executives and directors of NYMOX PHARMACEUTICAL CORP ("NYMX-Q") with a goal to restore shareholder value in NYMOX (the Company). With a commitment to overcome the steep decline and volatility of the stock price following the catastrophic NASDAQ Delisting Decision, CRNSV has issued rebuttal letters to all Company shareholders and continues to emphasize lack of Company leadership, excessive management compensation, inability to realize the potential for valuable and promising results through a relationship with a highly respected global healthcare and specialty pharmacy solutions company with expertise to help commercialize the Company’s Benign Prostatic Hyperplasia (BPH) product, and Nymox’s lack of solution or plan for financial recovery of shareholder value. Headquartered in Carson City, Nevada with offices in London, CRNSV documents are available at https://www.crnsv.com/.
