Company: KROS
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001664710-25-000046
Chunk: 139

Company: Keros Therapeutics, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Item 1
Chunk 139
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 April 2025, we also announced that our board of directors declared a dividend of one right, or Right, to purchase one-thousandth of one share of our newly designated Series A Junior Participating Preferred Stock, par value $0.0001 per share, or the Preferred Shares, for each outstanding share of common stock to the stockholders of record as of the close of business on April 24, 2025, and adopted a limited-duration stockholder rights plan, or the Rights Plan, effective immediately.  The Rights will expire on April 9, 2026, unless the rights are earlier redeemed or exchanged by us. The Rights Plan is intended to protect the interests of the company and our stockholders, help ensure that all interested parties have the opportunity to participate fairly in the strategic review process and to provide our board of directors time to make informed decisions. The Rights Plan will reduce the likelihood that any entity, person or group gains control of us through open-market accumulation without paying all stockholders an appropriate control premium. The Rights Plan does not preclude our board of directors from engaging with parties or considering proposals or other strategic alternatives that it believes recognize the full value of the company and are in the best interests of the company and all stockholders.

In April 2025, we announced that we entered into a letter agreement, or Letter Agreement, with Pontifax (Israel) IV, L.P., Pontifax (Cayman) IV, L.P., Pontifax (China) IV, L.P. and Pontifax Late Stage Fund L.P., or collectively, Pontifax, which provides that, among other things, we will nominate each of Mary Ann Gray, Ran Nussbaum and Alpna Seth, each of whom is 

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a current member of our board of directors, for election at our 2025 Annual Meeting of Stockholders, or Annual Meeting. In addition, Pontifax has agreed to abide by certain customary standstill restrictions, which remain in effect until the earlier of (x) December 31, 2025 or (y) the thirtieth day prior to the notice deadline under our Amended and Restated Bylaws (as in effect on the date of the Letter Agreement) for the nomination of director candidates by a stockholder for our 2026 Annual Meeting of Stockholders, subject to earlier termination in certain limited circumstances as set forth in the Letter Agreement. We and Pontifax have also agreed to certain non-disparagement obligations.

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