OncoSec issues letter to shareholders regarding Alpha statements
OncoSec issued a letter to shareholders. The letter said "OncoSec Medical Incorporated ("OncoSec", the "Company", "we" or "our") has scheduled a Special Meeting of Shareholders on January 17, 20201 to vote on our proposed strategic transaction (the "Transaction") with Grand Decade Developments Limited, a wholly owned subsidiary of China Grand Pharmaceutical and Healthcare Holdings Limited ("CGP") and its U.S. affiliate, Sirtex Medical US Holdings, Inc. ("Sirtex"). This Transaction would bring an immediate $30 million cash infusion to the Company at an approximate 25% premium over the average share price during 20 days prior to entering into the Transaction on October 10, 2019. While we believe this Transaction clearly provides the best outcome for all shareholders, Alpha Holdings, Inc. ("Alpha") has been making false and misleading statements to try to get you to vote against the Transaction - which we believe would put your investment and the Company at risk... Bottom Line: Even if we sold every share available to us today, including warrants and discounts that would be inevitable, we wouldn't have enough capital to get us through the end of the third quarter of 2020, as Alpha falsely suggests. It's either sell 12 million shares to get $30 million or sell 12 million shares to get $8 million. The math is simple... Alpha's misleading statements provide you with false information that could misguide you into making a decision that is harmful to your investment in OncoSec. The terms of the Transaction do not give CGP and Sirtex control of OncoSec's Board... The Transaction is not a sale of the Company to CGP. In fact, we believe that by strengthening our balance sheet and providing financial stability, the deal actually makes OncoSec a more attractive acquisition partner in the future... Alpha is making outrageous accusations while suing to keep the voices of shareholders from being heard... Contrary to the false and misleading characterizations by Alpha, the Company ran a comprehensive process evaluating all strategic alternatives available to OncoSec... Alpha is not merely an investor in OncoSec - they sit on our board and have their own agenda. Both our investors and Alpha's investors should be asking themselves the same question - can investors really rely upon any statements made by Alpha?..."