Broadfin Reaches Agreement for Majority Representation on Cardica’s Board
Olshan client, Broadfin Capital, announced that it reached an agreement on the framework for a settlement with Cardica that will result in Broadfin gaining majority representation on the Cardica Board. Under the agreement 3 incumbent directors will step down and the Board will be reduced from 8 members to 7. The future Board will consist of Broadfin’s current 3 representatives on the Board, Michael Kleine, Gregory Casciaro and Samuel Navarro, the Company’s newly elected CEO Julian Nikolchev, whose appointment was endorsed by Broadfin, current director William Younger and two new mutually agreed upon directors between Broadfin and Cardica. Steve Wolosky, Timothy Knox and Ryan Nebel represent Cardica in connection with their activist campaign at Cardica.