Alcobra announces cooperation agreement with Brosh Group
Alcobra announced that it has entered into a cooperation agreement with Brosh Capital Partners L.P. and certain of its affiliates in connection with, among other things, Alcobra's 2017 Annual General Meeting of Shareholders. Pursuant to the Cooperation Agreement, Alcobra has appointed two new directors, Amir Efrati and Yuval Yanai, to the Alcobra board, effective immediately. Yanai is not affiliated with the Brosh Group and qualifies as an independent director. As of the appointments, the Alcobra board consists of ten directors. The Cooperation Agreement also provides that Alcobra will continue its ongoing review of strategic alternatives and existing proposals by inviting additional proposals from targeted candidates and conducting diligence on several additional prospects. The parties have also agreed that the company's upcoming AGM, previously scheduled to occur by July 20, 2017, will be postponed until September 1, 2017, and, if needed, further postponed as long as Alcobra's strategic review process is ongoing and satisfactory to both parties.