On June 17, MediPharm Labs announced the results from its 2025 annual and special meeting of shareholders.
There were 146 Shareholders represented virtually or by proxy at the meeting, holding an aggregate of 210,726,733 common shares, representing 50.76% of MediPharm’s total issued and outstanding common shares as at the record date for the meeting. As the meeting was held virtually, the company states that all resolutions were passed by way of a ballot.
Shareholders approved the resolution to fix the number of directors at seven, approved the resolution appointing MNP LLP as auditors, elected all seven management director nominees, and approved the resolution relating to unallocated awards under the Company’s equity incentive plan. Complete voting results for each of the matters presented at the Meeting are provided below.
In a press release, the company welcomed two new directors, Emily Jameson and John Medland, to its board. Each of the company’s nominees was elected as a director of MediPharm for the ensuing year or until their successors are elected or appointed.
Despite this, Apollo Technology Capital Corporation, which had previously issued a presentation to set forth its plan to take over MediPharm, issued a press release on June 16, claiming that it considered the results of the MediPharm meeting to be a “clear victory” for Apollo.
Apollo states it had been advised by its legal counsel that MediPharm’s solicitation of proxies in connection with the Annual Meeting was illegal.
In response, MediPharm issued a press release urging shareholders to wait for the final results.
MediPharm responded to a dissident proxy circular filed on May 7, 2025, by Apollo Technology Capital Corporation, outlining Apollo’s intention to nominate six individuals for election to MediPharm’s board of directors at MediPharm’s annual and special meeting of shareholders, scheduled for June 16, 2025.
Earlier in June, the Ontario Superior Court of Justice dismissed an application by dissident shareholder Apollo Technology Capital Corporation against MediPharm Labs.
Apollo had been seeking an order from the Court to appoint a third-party independent chair to preside over the Annual and Special Meeting of Shareholders of the Company on June 16, 2025.
They had argued that MediPharm had a “design or plan to invalidate proxies” and that the company had acted improperly, warranting the appointment of a third-party independent chair.
The court rejected these arguments, saying a third-party independent chair was not required in the circumstances as there was no evidence or indication that MediPharm’s proposed meeting chair would act unfairly.
Apollo had argued that MediPharm desired to “run a corrupt election process to ensure their victory so that they can continue to siphon the remainder of MediPharm’s cash reserves into their own pockets until the company runs out of money in November.”
Founded in 2015, the Ontario-based MediPharm Labs reported net revenue of $10.8 million, gross profit of nearly $4.2 million, and a net loss of $387,000 in the three months ending March 31, 2025 (Q1 2025).
On June 5, MediPharm announced the completion of the sale of a cannabis facility in BC to cannabis producer Rubicon Organics for $4.5 million in cash.
