Diffusion approves merger with EIP Pharma, reverse stock split

Diffusion Pharmaceuticals announced that its stockholders have voted to approve all proposals at a special meeting of stockholders held earlier today, including the issuance of Diffusion Common Stock in the pending merger with EIP Pharma , and a reverse stock split of outstanding Diffusion Common Stock. Robert Cobuzzi, President and Chief Executive Officer of Diffusion, said, “We are pleased with the outcome of today’s special meeting and thank our stockholders for their support of the merger with EIP. The fact that stockholders holding more than 71% of the votes cast voted in favor of the transaction, and 73% of the votes cast voted in favor of the Reverse Split provides further confidence that our thorough strategic process maximizes value for stockholders.” In connection with the special meeting, Diffusion’s board of directors met and voted to implement the lowest Reverse Split ratio, 1-for-1.5, to maintain compliance with the $4 per share minimum bid price requirement for an initial listing on any Nasdaq market tier. As such, pending completion of the merger, the combined company’s common stock is expected to begin trading on a split-adjusted basis when the market opens on August 17, 2023, under the new trading symbol “CRVO.” As a result of the reverse stock split and the merger, the CUSIP number for Diffusion’s common stock will now be 15713L109.The merger is expected to close after the close of business close on August 16