All Three Independent Proxy Advisory Firms – ISS, Glass Lewis and Egan-Jones – Recommend NantKwest Stockholders Vote “FOR” the Pending Merger With ImmunityBio
NantKwest, Inc. (NASDAQ: NK), a clinical-stage, natural killer cell-based therapeutics company, today announced that leading independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”), Glass, Lewis & Co., LLC (“Glass Lewis”), and Egan-Jones Proxy Services (“Egan-Jones”) have recommended NantKwest stockholders vote “FOR” the pending merger with ImmunityBio.
ISS concluded in its February 24, 2021 report:
“Both NK and ImmunityBio have engaged in multiple combined clinical trials and collaborative development activities, and this combination has the potential to streamline operations and create strategic and financial synergies. Moreover, the significant appreciation in NK shares since announcement appears to suggest shareholders view the proposed transaction and the prospects of the combined company quite favorably. Considering the strategic and financial synergies of the combined companies and potential downside risk to non-approval, given the significant increase in NK's stock price since announcement, a vote FOR this transaction is warranted.”
Glass Lewis stated in its February 22, 2021 report:
“We thus expect a combination of the two firms would potentially streamline and simplify existing operational and financial complexities, while also unlocking synergy value tied to a more diversified therapeutic pipeline.”
“Viewed collectively, then, we believe there is adequate procedural, strategic and quantitative cause for investor support at this time.”
Egan-Jones said in its February 24, 2021 report:
“We believe that the proposal is in the best interests of, and will provide certain long-term advantages to, the Company and the shareholders.”
“Based on the review of publicly available information on strategic, corporate governance and financial aspects of the proposed transaction, Egan-Jones views the proposed transaction to be a desirable approach in maximizing shareholder value.”
The NantKwest Special Committee and the NantKwest Board of Directors recommend that stockholders vote “FOR” the proposal to approve the pending merger with ImmunityBio in advance of the Special Meeting, which will be held on March 8, 2021 at 9:30 a.m. Pacific Time. Due to the pandemic, the Special Meeting will be held exclusively online via a live audio webcast at www.proxypush.com/NK. There is no physical location for the special meeting.