Flowserve, Velan extend outside date of arrangement agreement

Flowserve and Velan announced that they have extended the outside date (the “Outside Date”) of the arrangement agreement made as of February 9, 2023, among Velan, 14714750 Canada Inc. (“Purchaser”) and Flowserve US Inc., as amended by the first amendment to the arrangement agreement dated March 27, 2023 (the “Arrangement Agreement”). In accordance with the definition of Outside Date in the Arrangement Agreement, given that the Regulatory Approvals (as such term is defined in the Arrangement Agreement) have not all been obtained at this time, Velan and Purchaser have given written notices to each other that they each wish to extend the Outside Date for an additional 30 days to September 7, 2023.