Jul. 3 at 10:00 PM
$VTGN Typically companies will want to announce study may proceed asap. They announced april 22. SEC rules generally consider this a material event requiring 8-k filing within 4 business days. They filed the 8-k 4 business days later on april 28. Despite the 10-k stating june 20th as their estimated expiration for the fuji exclusive negations period, I think its more likely July 20, and the 10-k was a typo. Regardless, the exclusivity is sort of meaningless. It does not force either party to an agreement, and Vistagen would generally be incentivized to let it expire. However, July 20th happens to be the last day that the stock must start closing at over
$1 per share to fulfill the 10 day rule needed to be back in compliance with nasdaq. This adds a wrinkle because it creates a counter incentive to make a deal before July 20th, which would necessarily be with Fuji. Given this is just for Japan, I don’t see as many other bidders than larger regions.
