Chancery Orders Injunction Hearing On CytRx Vote Coercion
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Chancery Orders Injunction Hearing On CytRx Vote Coercion

Law360 (August 11, 2021, 8:34 PM EDT) — A nonlawyer stockholder won Chancery Court approval Wednesday for an expedited preliminary injunction hearing targeting an allegedly coercive vote on a 49.75% increase in the number of shares issued by biopharmaceutical company CytRx Corp.

Vice Chancellor Paul A. Fioravanti, ruling after a telephone argument, rejected a temporary restraining order request, however, and cautioned that CytRx stockholder Jerald A. Hammann would have a “steep hill to climb” in his pursuit of an injunction to block a scheduled Sept. 23 vote on the company’s proposal.

Hammann, a Minnesota resident, argued that CytRx’s board breached a cooperation agreement reached with him last year when…

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