MENLO PARK, Calif., Aug. 01, 2017 (GLOBE NEWSWIRE) — Threshold Pharmaceuticals, Inc. (THLD) announced today that its stockholders approved all of the proposals presented at the Annual Meeting of Stockholders held on July 31, 2017, including all proposals related to the merger with Molecular Templates, Inc. As a result of the stockholder approvals, on July 31, 2017, the Board of Directors of Threshold approved a reverse stock split of Threshold common stock at a ratio of every 11 shares outstanding to be combined and reclassified into one share. The reverse stock split will become effective at 5:00 p.m. EDT on August 1, 2017. Subject to the satisfaction of customary closing conditions, the closing of the merger with Molecular Templates is expected to occur shortly following the effectiveness of the reverse stock split. Additionally, an equity financing in the amount of $40 million is expected to close following the closing of the merger with Molecular Templates, and a separate $20 million equity investment is expected to close following the $40 million financing. Assuming the closing of the merger occurs as expected, the shares of common stock for the combined company, which will be renamed Molecular Templates, Inc., will commence trading on The NASDAQ Stock Market on a post-reverse stock split basis under the new symbol “MTEM” on August 2, 2017.
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