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TORONTO - In a recent turn of events, Apollo Technology Capital Corporation (Apollo Capital), a significant shareholder of MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ), has accused the current Board of Directors of failing to engage in a fair and transparent election process for the company’s upcoming Annual and Special Meeting of Shareholders scheduled for June 16, 2025. Apollo Capital, which holds approximately 3% of MediPharm Labs’ common stock, alleges that the board is obstructing the appointment of an independent chair, which is crucial for overseeing the election of directors.
Apollo Capital claims that their offer to ensure shareholder rights, presented on May 21, 2025, was outright ignored by MediPharm Labs’ Board. The offer included the appointment of an independent chair to oversee the election process at the Annual Meeting. Apollo Capital’s Chairman and CEO, Regan McGee, criticized the board for prioritizing personal interests over shareholders’ rights and legal processes.
In a bold move, Apollo Capital has urged shareholders to vote using the gold proxy card "FOR" its six director nominees, in opposition to MediPharm Labs’ green proxy card. Apollo Capital’s slate of director nominees includes John Fowler, Alan D. Lewis, David Lontini, Demetrios Mallios, Regan McGee, and Scott Walters, who are proposed as replacements to implement business and governance reforms. These reforms are to address what Apollo Capital describes as "catastrophic destruction of 99% of shareholder value" under the current board’s oversight.
Apollo Capital has highlighted the financial risks facing MediPharm Labs, including the possibility of running out of funds by November 2025. They have proposed a suite of measures to reduce spending and increase transparency, such as cutting executive compensation, implementing a spending lockdown, and establishing a performance-aligned executive compensation plan. Financial data from InvestingPro shows the company reported revenue of $25.43 million in the last twelve months, with a basic EPS of -$0.05. Investors should note that the next earnings report is scheduled for June 26, 2025, which could provide crucial insights into the company’s financial trajectory.
The company has also defended Regan McGee against MediPharm Labs’ allegations, noting his achievements with Nobul Technologies Inc., including recognitions from Deloitte and CNBC for significant growth and innovation.
This announcement is based on a press release statement from Apollo Technology Capital Corporation. Shareholders are encouraged to review Apollo Capital’s Circular and related proxy materials for detailed information and instructions on the proxy voting process.
In other recent news, Apollo Technology Capital Corporation has initiated a campaign to overhaul the board of MediPharm Labs Corp. Apollo Capital, which owns about 3% of MediPharm’s common stock, has nominated six new directors for election at the upcoming Annual and Special Meeting of Shareholders. This move is in response to MediPharm’s financial distress, including a significant cash burn rate that could lead to depleted reserves by November 2025. Apollo Capital highlights a loss of $1 billion in shareholder value under the current management, accompanied by high compensation packages despite ongoing losses. The proposed directors are expected to bring expertise in turnaround strategies, mergers and acquisitions, and operations. Apollo Capital’s campaign emphasizes the need for leadership change, financial discipline, and transparency to restore trust and unlock international medical growth. Shareholders are encouraged to support the proposed board changes by voting with the gold proxy card. Apollo Capital’s 5-Pillar Plan aims to address these issues and guide MediPharm Labs toward recovery.
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