Sio Gene Therapies’ board approves plan of liquidation and dissolution

Sio Gene Therapies’ Board of Directors has determined that it is in the best interests of the company and its shareholders to dissolve the company and liquidate its assets, including its subsidiaries, and unanimously approved the dissolution and liquidation of the company, subject to shareholder approval. The company intends to call a special meeting of its shareholders in 1Q23 to seek approval of the Plan of Dissolution. If shareholders approve the plan, the company intends to file a certificate of dissolution, delist its shares of common stock from Nasdaq, satisfy or resolve its remaining liabilities and obligations, make reasonable provisions for unknown claims and liabilities, attempt to convert all of its remaining assets into cash or cash equivalents, and make distributions to its shareholders of remaining cash available for distribution. Upon the filing of the certificate of dissolution, the company intends to cease trading in its common stock, close its stock transfer books and discontinue recording transfers of shares of its capital stock. The company will establish a reserve, which will be used to pay all expenses and other liabilities and obligations, and will include reasonable provision for future expenses of liquidation and contingent and unknown liabilities. Based on this estimated reserve, the company will subsequently make liquidating distributions to shareholders as soon as practicable following the filing of the certificate of dissolution. The company will provide an estimate of such amounts in the proxy materials to be filed with the SEC.