Alpha Holdings Urges OncoSec Stockholders to Vote Against China Grand Takeover Proposal at Special Meeting of Stockholders
Alpha Holdings, Inc. (KOSDAQ: 117670) (“Alpha”), the largest stockholder of OncoSec Medical Incorporated (NASDAQ: ONCS) (“OncoSec”), with an approximate 15.1% ownership stake, today filed a definitive proxy statement and sent a letter to stockholders of OncoSec opposing the proposed takeover of OncoSec by China Grand Pharmaceuticals and Healthcare Holdings (“CGP”) and Sirtex Medical US Holdings, Inc. (“Sirtex”), an affiliate of GCP (together, “China Grand”). Alpha urges OncoSec stockholders to vote “AGAINST” the transaction by returning the BLUE proxy card before the Special Meeting of Stockholders, currently scheduled for January 17, 2019.
Alpha Holdings stated: “We believe the proposed takeover significantly undervalues OncoSec, gives China Grand control over the Company and its future Asian sales, and severely limits the future potential upside that should belong to OncoSec’s current stockholders. We believe OncoSec’s TAVO and Visceral Lesion Applicator products offer substantial value creation opportunities and strongly encourage the Company to consider other financing arrangements that would preserve that potential future value for all current shareholders rather than transfer control to China Grand at this juncture.”
The letter and other related materials, and instructions on how stockholders can vote their shares “AGAINST” the transaction can be viewed at www.VoteNoOncoSec.com.
The full text of the letter is also set forth below.
December 6, 2019
Dear Fellow OncoSec Stockholders:
Alpha Holdings (“Alpha” or “we”) owns approximately 15.1% of the stock of OncoSec Medical Incorporated (“OncoSec” or the “Company”), which makes Alpha OncoSec’s largest stockholder. We are writing because we strongly oppose the proposed takeover of OncoSec by China Grand Pharmaceuticals and Healthcare Holdings (“CGP”) and Sirtex Medical US Holdings, Inc. (“Sirtex”), an affiliate of GCP (together, “China Grand”). We believe the transaction is clearly not in the best interests of OncoSec stockholders and have outlined our reasons for opposing the transaction below.
THE CHINA GRAND TAKEOVER UNDERVALUES ONCOSEC
Since October 2018, OncoSec’s stock price has declined by nearly 90%, after adjusting for the reverse stock split in May 2019. We believe that OncoSec’s product pipeline remains strong and promising, that the OncoSec board is selling at the wrong time, and that China Grand’s offer is opportunistic and undervalues OncoSec. In addition: