Farmers and Merchants Bancshares adopts one-year stockholder rights plan with 11% trigger after activist filing

Farmers & Merchants Bancshares, Inc.

Adopted rights plan triggered at 11% beneficial ownership; expires July 29, 2025.
Action follows July 8 Schedule 13D/A by Renbaum investor group owning ~10.1% seeking to acquire up to 24.9%.
Rights plan designed to prevent creeping control without board negotiation or control premium.
Existing holders as of Aug 12, 2024 receive one right per share; rights become exercisable on distribution date.
Board can redeem rights at $0.001 per right before distribution date.

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