May. 14 at 5:24 PM
$MREO On the share issuance votes, nearly 120 million shares were "withheld." In U.K. law, a "withhold" is a protest vote that technically allows the resolution to pass (as it doesn't count toward the % for/against) but signals deep dissatisfaction. This likely accounts for the other major "Whales" like EcoR1 Capital or 683 Capital, who may have chosen to "sit out" the vote as a warning to the board rather than voting down the authority entirely and risking a Nasdaq delisting.
The Director Re-elections: Justin Roberts, Dr. Daniel Shames, and Marc Yoskowitz (the directors originally appointed via the Rubric settlement in 2022) were re-elected, but each faced about 6.2% to 6.4% opposition (~19 million "Against" votes). This suggests that while the large block (Rubric) may have supported the individuals, a significant portion of the retail or smaller institutional base is frustrated with the board's inability to close the Alvelestat deal. For this reason an offering may be withheld a while
