Quince Therapeutics adopts one-year poison pill after unsolicited bid, share accumulation

Quince Therapeutics, Inc.

Rights plan effective immediately, expires April 5, 2024; dividend of one right per share on April 17, 2023.
Trigger at 10% beneficial ownership (15% for passive institutional); exercise price $6.00 per right.
Rights become exercisable if threshold crossed; holders (except triggering party) can buy shares at 2x market value.
Board may redeem rights for $0.001 each before trigger; company retaining financial advisor for strategic alternatives.
Plan adopted in response to unsolicited acquisition proposal and share accumulation by certain investors.

item 1.01 item 3.03 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Quince Therapeutics, Inc.: Board adopted a limited duration stockholder rights plan, declaring a dividend of one preferred share purchase right per common share, effective immediately, expiring April 5, 2024 (effective 2023-04-05).

Change: charter amendment
Effective: 2023-04-05

Exact text from the filing

its Board of Directors (the “Board”) unanimously approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”) and declared a dividend distribution of one preferred share purchase right on each outstanding share of Quince’s common stock.

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Quince Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-092414

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