INFI - Infinity Pharmaceuticals stock plummets on terminating merger agreement with MEI Pharma

2023-07-24 08:50:08 ET

• Infinity Pharmaceuticals ( NASDAQ: INFI ) has terminated its previously announced merger agreement providing for the merger with MEI Pharma.
• At a special meeting of MEI stockholders on July 23, 2023, MEI did not obtain MEI stockholder approval for the merger with Infinity, nor could MEI obtain approval for an adjournment of the special meeting.
• Infinity has the potential to receive an additional $4M termination fee from MEI under certain circumstances outlined in the joint proxy statement/prospectus relating to the merger.
• INFI -37.1% premarket to $0.14.

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