MEI Pharma rejects activist consent solicitation to remove board without cause under Delaware law

Lite Strategy, Inc.

Anson Advisors and Cable Car Capital launched consent solicitation on July 17, 2023 to remove all directors without cause and repeal recent bylaw amendments.
MEI states removal proposal is invalid under Delaware law because classified board directors may only be removed for cause; charter does not provide otherwise.
Bylaw proposal is unnecessary as no bylaw amendments have been made since February 23, 2023, and board has no current intent to amend.
Board urges shareholders to vote FOR the pending Infinity Pharmaceuticals merger, endorsed by ISS and Glass Lewis.
Company reserves the right to contest any solicitation or actions taken in connection with the invalid proposals.

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