ANNAPOLIS, Md., Aug. 17 /PRNewswire-FirstCall/ -- PharmAthene, Inc. (Amex: PIP) announced today that a hearing has been scheduled by the Delaware Court of Chancery for 2:00 p.m. on Monday, August 27, 2007, in an action filed by PharmAthene stockholder Matthew P. Kinley pursuant to Section 225(b) of the Delaware General Corporation Law seeking a determination from the Delaware Court of Chancery that the merger between PharmAthene, Inc. and Healthcare Acquisition Corp. (the "Merger") was validly approved at the Special Meeting of Stockholders of Healthcare Acquisition Corp. on August 3, 2007 and thereafter consummated by the filing of a Certificate of Merger with the Delaware Secretary of State. By this press release, PharmaAthene is providing notice to all holders of the common stock of PharmAthene, Inc. (formerly known as Healthcare Acquisition Corp.) of the pending judicial action in the Delaware Court of Chancery.
As previously disclosed in the press release dated August 6, 2007, the
tabulation of the number of shares demanding conversion into a right to
receive cash rather than shares in the post-merger entity was initially
misreported to the Special Meeting of Stockholders of Healthcare
Acquisition Corp. by its transfer agent. Following that misreporting,
certain of the officers, directors and stockholders of Healthcare
Acquisition Corp. and certain stockholders of PharmAthene purchased
additional shares of common stock of Healthcare Acquisition Corp., reducing
the number of conversion elections and allowing for consummation of the
Merger. In his Complaint, PharmAthene stockholder Matthew P. Kinley alleges
that the stockholder action taken at the Special Meeting of Stockholders of
Healthcare Acquisition Corp.
|SOURCE PharmAthene, Inc.|
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