Key Summary: On May 9, 2024, Whitefort Capital Management (6.8%) urged the Board to enhance the company's value by ending the ATM program and exploring HBV portfolio options.Market Cap: $554 million | Arbutus Biopharma Corporation, a biopharmaceutical company, develops novel therapeutics for chronic Hepatitis B virus (HBV) infection in the United States.
On May 9, 2024, Whitefort Capital Management (6.8%) expressed to the Board that the current share price doesn't reflect the company's true value, urging termination of the ATM whitefort-capital-management-urges-arbutus-biopharma-corporation-abus-to-explore-strategic-actionswhitefort-capital-management-urges-arbutus-biopharma-corporation-abus-to-explore-strategic-actionsprogram and exploration of strategic options for the HBV portfolio. They aim to cooperate with the Board and engage with shareholders on these matters. Source
On May 17, 2024, Whitefort Capital Management issued an open letter to the shareholders, advocating for strategies to maximize company value. They emphasized the potential billions in value from Arbutus’ patent infringement claims against Moderna and Pfizer/BioNTech. The firm urged Arbutus to halt any further share issuances and planned to vote against increasing share allocations under the company's incentive plan. Furthermore, Whitefort suggested that Arbutus should conduct a strategic review of its Hepatitis B virus portfolio by the end of the year, including exploring potential licensing and collaboration agreements.
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