IROQUOIS CAPITAL COMMENCES CONSENT SOLICITATION TO RECONSTITUTE PHARMACYTE BIOTECH BOARD OF DIRECTORS

NEW YORK , July 11, 2022 /PRNewswire/ -- Iroquois Capital Management, LLC (together with its affiliates, "Iroquois"), announced that on Friday, July 8, 2022 , that it had delivered a written consent to  PharmaCyte Biotech, Inc. ("PharmaCyte", "PMCB" or the "Company") (NASDAQ:PMCB ) seeking the consent of stockholders to expand the size of PharmaCyte's Board of Directors by eight (8) members and to elect Iroquois' slate of eight (8) highly qualified director candidates in lieu of a stockholder meeting. Iroquois also announced that it has publicly delivered to the Company's stockholders a letter explaining Iroquois' rationale for accelerating its campaign to materially reconstitute the Board given its serious concerns with the Company's demonstrated efforts to delay the holding of the 2022 annual meeting of stockholders and frustrate the exercise of corporate democracy.  Iroquois intends to solicit written consents from other stockholders as soon as permissible under the federal proxy rules. If successful, Iroquois' consent solicitation would establish its candidates as a majority of the Board. Iroquois is one of the largest stockholders of PharmaCyte, with an aggregate beneficial ownership of approximately 7.1% of the outstanding common stock of the Company including the holdings of the other participants in its solicitation. The full text of the letter follows: July 11, 2022 Dear Fellow PharmaCyte Biotech Stockholders: Iroquois Capital Management, LLC (together with its affiliates, "Iroquois"), together with the other participants in its solicitation, collectively owns approximately 7.1% of the outstanding shares of PharmaCyte Biotech, Inc. ("PharmaCyte" or the "Company"), making us one of the Company's largest stockholders. As you may recall from our prior public correspondence with PharmaCyte's Board of Directors (the "Board") and fellow stockholders, we have previously nominated seven (7) highly qualified individuals for election to the Board to change what we believe is a widely shared sentiment of an untenable status quo in the boardroom and at the Company. We believe this "business as usual" is characterized by egregious corporate governance, executive compensation and investor communication practices overseen by a dysfunctional Board chaired by the Company's Chairman of the Board, President, Chief Executive Officer and General Counsel, Kenneth L. Waggoner , and constituted by his hand-picked appointees, none of whom we believe possess the requisite capital markets and public company directorship experience to lead the Company now that it has been uplisted to Nasdaq and has over $80 million in cash on its books, while its stock price is trading under 50% of book value. We previously described the efforts made by the Company, through its counsel, to block our ability to communicate with fellow stockholders in connection with the 2022 annual meeting of stockholders (the "2022 Annual Meeting") by refusing to provide us with a list of the non-objecting beneficial owners (NOBOs) of the Company. Further, the Company has failed to announce a record date for the 2022 Annual Meeting or to request the NOBO list on the Company's own behalf. We are therefore deeply concerned that the Board is delaying the holding of the 2022 Annual Meeting in order to enter into one or more transactions designed to strip the stockholders of their rights and place control in the hands of management or their allies. As a result, on July 8, 2022 , we delivered a written consent for proposals ... Full story available on Benzinga.com