On April 11, 2025, Mina Sooch, founder of Opus Genetics, Inc., issued an open letter announcing the withdrawal of her 'Restore Value Slate' of director candidates. Sooch stated that a highly dilutive financing, which added over 13 million new shares and closed on the record date for the Annual Meeting, no longer allowed for a fair contest.
Sooch criticized the Board's actions, including the substantial equity offering, as materially impacting the governance and stockholder ownership structure. She alleged that these actions were timed and structured to influence the outcome of the upcoming election and effectively sidelined stockholders from decision-making.
The letter also raised concerns about the perceived de-prioritization of legacy assets like RYZUMVI and APX3330, which Sooch believes were given minimal valuation in recent transactions. Sooch is evaluating potential legal avenues, including class action litigation, to protect stockholder rights and challenge the fairness of the recent financing and merger transactions.
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