Anson, Cable Car respond to MEI Pharma’s attempt to prohibit director removal

Anson Funds and Cable Car Capital, which collectively beneficially own approximately 14.8% of the outstanding common stock of MEI Pharma, issued the following statement in response to the Company’s purported invalidation of their consent solicitation to remove the entire Board of Directors of MEIP: “Despite reiterating stockholders’ right to remove directors without cause as recently as in the Registration Statement on Form S-4 filed with the SEC on April 28, 2023 and in Amendment No. 1 to the S-4 Registration Statement filed with the SEC on June 5, 2023, the Company now asserts that our removal proposal is invalid under Delaware law. We are deeply troubled that the Company would lean on a Delaware law it flouted for more than a decade in its Bylaws in order to attempt to invalidate our removal proposal, which we nevertheless intend to present to stockholders following the applicable SEC review period. The Board cannot have it both ways. Either the Board was aware of a potential conflict between Delaware law and the Bylaws but neglected its duties and allowed the Company to repeatedly mislead stockholders about their rights for years, or it learned of the potential conflict after our consent solicitation was filed and seized upon its own dereliction of duty as a means of entrenchment and an opportunity to insulate itself from accountability. In our opinion, the Board’s negligence in propagating Bylaws that purportedly do not comply with Delaware law represents a failure of adequate oversight that in and of itself provides grounds for removal. The Company’s protracted public dissemination of what it now says were misrepresentations regarding the rights of stockholders reinforces our belief that the Board must be removed.”