We reject Alcobra’s reasoning for not convening an Extraordinary General Meeting of Shareholders (an “Extraordinary General Meeting”) per our valid initial request and demand that Alcobra convene an Extraordinary General Meeting. Declining our request for an Extraordinary General Meeting is a clear violation of the Israeli Companies Law and Alcobra’s own Articles of Association. Moreover, it shows that the Board of Directors (the “Board”) acknowledges that it does not have shareholder support. The Extraordinary General Meeting is a democratic process in which shareholders are given a choice. If the Company is confident shareholders would support its strategy, let them vote and have their say.
Without affecting our demand to the Company, we also seek to convene an independent general meeting by virtue of our authority in accordance with Israeli Companies Law. Shareholders must be heard. Let us be clear, we will hold each and every one of the Company’s Board and management accountable for any damages caused to the Company and its shareholders.
Alcobra’s management and the Board are acting against shareholders and causing significant financial damages to the Company. If the Company would step out of its luxury offices and actually listen to their shareholders, they would hear the same clear message – you failed and it is time for you to go.
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