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Maxygen Announces Final Liquidating Distribution

Companies mentioned in this article: Maxygen, Inc.

NEWARK, Calif. -- (BUSINESS WIRE) -- Maxygen, Inc. announced today that, in accordance with the plan of dissolution approved by its shareholders on August 12, 2013, its Board of Directors has approved a second and final liquidating distribution in the amount of $0.093 per share of common stock. The final liquidating distribution will have a record date of August 29, 2013, which is the date on which the company filed its certificate of dissolution with the Secretary of State of Delaware and closed its stock transfer books. The company will make no further distributions beyond the final liquidating distribution. There is no requirement for stockholders to surrender shares in connection with the final liquidating distribution. Maxygen expects to pay this final liquidating distribution in cash on or about June 30, 2014.

As previously disclosed, the company’s certificate of dissolution became effective, and Maxygen became a dissolved corporation under Delaware law, on August 29, 2013. In connection with the filing of the certificate of dissolution, Maxygen’s common stock was delisted from the NASDAQ Global Market and its transfer agent closed the company’s stock transfer records and no longer recognized or recorded any transfers of shares of the common stock, except by will, intestate succession or operation of law. Also on August 29, 2013, Maxygen paid an initial liquidating distribution to its shareholders of $2.50 per share of common stock.

The company recommends that shareholders consult their own tax advisors regarding the tax consequences to them of the liquidation and dissolution.

Upon payment of the final liquidating distribution, and including the company’s prior distributions and stock repurchases, Maxygen will have returned approximately $325 million in cash and property to the company’s shareholders since December 2009.

Cautionary Statement Regarding Maxygen Forward-Looking Statements

This document contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations and beliefs of Maxygen’s management and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such statements involve risks and uncertainties that may cause results to differ materially from those set forth in these statements. Such risks and uncertainties include, but are not limited to, the plans and precise nature, amount and timing of the final liquidating distribution to shareholders.

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RoseRyan for Maxygen, Inc.
Marilyn Kliewer, 510-456-3056 ext. 158.