ESSA Pharma receives court approval for special meeting date

VANCOUVER - ESSA Pharma Inc. (NASDAQ:EPIX) has received an amended Interim Order from the Supreme Court of British Columbia approving the previously announced date for its special meeting related to the company’s acquisition by XenoTherapeutics Inc. The micro-cap company, currently valued at $9.15 million, has seen its stock decline 74% over the past year, now trading near its 52-week low of $0.19. According to InvestingPro analysis, the stock appears undervalued at current levels.

The special meeting of ESSA’s shareholders, optionholders and warrantholders will reconvene on October 3, 2025, at 2:00 p.m. Pacific Time. The meeting will be held online via a live interactive webcast.

According to the court order issued on September 25, stakeholders have until October 1 to deliver notices of dissent. The court hearing date for approval of the arrangement is scheduled for October 7, with responses from persons intending to attend the hearing due by October 3.

The amended order comes in connection with the previously announced Business Combination Agreement under which XenoTherapeutics, a non-profit biotechnology company, will acquire all issued and outstanding common shares of ESSA.

ESSA filed supplemental proxy materials reflecting the revised terms of the transaction on September 24 with both the U.S. Securities and Exchange Commission and on SEDAR+ in Canada.

ESSA Pharma was previously focused on developing therapies for patients with prostate cancer, while Massachusetts-based XenoTherapeutics is a 501(c)(3) research foundation focused on advancing xenotransplantation.

The information is based on a press release statement issued by ESSA Pharma.

In other recent news, ESSA Pharma has revised the terms of its merger with XenoTherapeutics, reducing the expected cash payout to shareholders from an initial estimate of $1.91 per share to approximately $0.12 per share. This adjustment also includes the issuance of a non-transferable contingent value right (CVR) per share, which could yield up to an additional $0.14 depending on certain outcomes. The company also announced it will distribute $80 million to shareholders as part of its winding-up process, with the payment scheduled for August 22. This distribution received approval from the Supreme Court of British Columbia. Initially, ESSA Pharma had planned to distribute approximately $1.91 per share in total, combining the initial distribution and cash payable upon closing, excluding any CVR payments. The merger with XenoTherapeutics is an all-cash deal, with financing provided by XOMA Royalty Corporation. These recent developments mark significant changes in the merger agreement and shareholder payouts.

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