<PAGE> 1
SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934 (AMENDMENT NO. )
FILED BY THE REGISTRANT [X] FILED BY A PARTY OTHER THAN THE REGISTRANT [ ]
- --------------------------------------------------------------------------------
Check the appropriate box:
[X] Preliminary Proxy Statement
[ ] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to sec.240.14a-11(c) or sec.240.14a-12
[ ] Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
Hybridon, Inc.
(Name of Registrant as Specified In Its Charter)
[ ]
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
PAYMENT OF FILING FEE (CHECK THE APPROPRIATE BOX):
[X] No fee required.
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
1) Title of each class of securities to which transaction applies:
2) Aggregate number of securities to which transaction applies:
3) Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
calculated and state how it was determined):
4) Proposed maximum aggregate value of transaction:
5) Total fee paid:
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
2) Form, Schedule or Registration Statement No.:
3) Filing Party:
4) Date Filed:
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HYBRIDON, INC.
NOTICE OF SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD NOVEMBER 18, 1997
NOTICE IS HEREBY GIVEN that a Special Meeting of the Stockholders of
Hybridon, Inc., a Delaware corporation (the "Company"), will be held on Tuesday,
November 18, 1997 at 10:00 a.m. at the offices of the Company, 620 Memorial
Drive, Cambridge, Massachusetts 02139 (the "Meeting") for the purpose of
considering and voting upon the following matters:
1. To approve an amendment to the Company's Certificate of Incorporation
to effect a reverse split of the Company's Common Stock, $.001 par
value per share (the "Common Stock"), pursuant to which each five
shares of Common Stock then outstanding will be converted into one
share.
2. To transact such other business, if any, as may properly come before
the Meeting or any adjournment thereof.
The Board of Directors has no knowledge of any other business to be
transacted at the Meeting.
The Board of Directors has fixed the close of business on Thursday, October
30, 1997 as the record date for the determination of stockholders entitled to
notice of and to vote at the Meeting and at any adjournments thereof. A list of
the Company's stockholders is open for examination to any stockholder at the
principal executive offices of the Company, 620 Memorial Drive, Cambridge,
Massachusetts 02139 and will be available at the Meeting.
By Order of the Board of Directors,
E. ANDREWS GRINSTEAD, III,
Chairman of the Board,
President and Chief Executive
Officer
October 30, 1997
WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, PLEASE PROMPTLY COMPLETE, SIGN,
DATE AND RETURN THE ENCLOSED PROXY CARD IN THE ACCOMPANYING ENVELOPE. NO POSTAGE
NEED BE AFFIXED IF THE PROXY CARD IS MAILED IN THE UNITED STATES.
<PAGE> 3
HYBRIDON, INC.
620 MEMORIAL DRIVE
CAMBRIDGE, MASSACHUSETTS 02139
PROXY STATEMENT
FOR THE SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD ON NOVEMBER 18, 1997
This Proxy Statement is furnished in connection with the solicitation by
the Board of Directors of Hybridon, Inc., a Delaware corporation (the
"Company"), of proxies for use at the Special Meeting of Stockholders to be held
on Tuesday, November 18, 1997 at 10:00 a.m. at the offices of the Company, 620
Memorial Drive, Cambridge, Massachusetts 02139 and at any adjournments thereof
(the "Meeting").
All proxies will be voted in accordance with the instructions of the
stockholder. If no choice is specified, the proxies will be voted in favor of
the matters set forth in the accompanying Notice of Meeting. Any proxy may be
revoked by a stockholder at any time before its exercise by delivery of a
written revocation or a subsequently dated proxy to the Secretary of the Company
or by voting in person at the Meeting. Attendance at the Meeting will not itself
be deemed to revoke a proxy unless the stockholder gives affirmative notice at
the Meeting that the stockholder intends to revoke the proxy and vote in person.
THE NOTICE OF MEETING, THIS PROXY STATEMENT AND THE ENCLOSED PROXY CARD ARE
BEING MAILED TO STOCKHOLDERS ON OR ABOUT OCTOBER 31, 1997.
VOTING SECURITIES AND VOTES REQUIRED
On October 30, 1997, the record date for determination of stockholders
entitled to vote at the Meeting, there were outstanding and entitled to vote an
aggregate of [ ] shares of Common Stock of the Company, $.001 par value
per share (the "Common Stock"). Each recordholder of Common Stock is entitled to
one vote per share.
The holders of a majority of the shares of Common Stock issued and
outstanding and entitled to vote at the Meeting shall constitute a quorum for
the transaction of business at the Meeting. Shares of Common Stock present in
person or represented by proxy (including shares which abstain or do not vote
with respect to one or more of the matters presented for stockholder approval)
will be counted for purposes of determining whether a quorum exists at the
Meeting.
The affirmative vote of the holders of a majority of the shares of Common
Stock issued and outstanding is required for approval of the amendment to the
Company's Certificate of Incorporation. Shares which abstain from voting as to
the amendment to the Company's Certificate of Incorporation, and shares held in
"street name" by brokers or nominees who indicate on their proxies that they do
not have discretionary authority to vote such shares as to a such matter are
nonetheless considered outstanding shares and will have the same effect as a
vote again the amendment to the Company's Certificate of Incorporation.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information, as of October 1, 1997,
with respect to the beneficial ownership of shares of Common Stock by (i) each
person known to the Company to beneficially own more than 5% of the outstanding
shares of Common Stock, (ii) the directors of the Company, (iii) the Chief
Executive Officer of the Company and the most highly compensated executive
officer (other than the Chief Executive Officer) whose total annual salary and
bonus exceeded $100,000 in fiscal 1996, and (iv) all current directors and
executive officers of the Company as a group.
<TABLE>
<CAPTION>
AMOUNT AND NATURE
OF BENEFICIAL OWNERSHIP(1)
----------------------------
NUMBER OF PERCENT OF
NAME AND ADDRESS OF BENEFICIAL OWNER SHARES CLASS(2)
- ------------------------------------------------------------------- --------- ----------
<S> <C> <C>
5% STOCKHOLDERS
Morgan Grenfell International Funds Management Limited............. 2,441,026(3) 9.65%
c/o The Royal Bank of Scotland PLC
London, England
Yahia M.A. Bin Laden............................................... 2,043,750(4) 8.03%
2, rue Charles Bonnet
1206 Geneva, Switzerland
HTI Investments, N.V............................................... 1,708,335 6.75%
c/o Healthcare Technologies
International, Ltd.
P.O. Box 42124
Jeddah, 21541
Saudi Arabia
Nicris Limited..................................................... 1,550,000 6.13%
2, rue Charles Bonnet
1206 Geneva, Switzerland
Youssef El-Zein.................................................... 1,498,945(5) 5.61%
c/o Pillar S.A
28, Avenue de Messine
75008 Paris, France
F. Hoffmann-La Roche Ltd........................................... 1,370,114(6) 5.30%
Postfach
CH 4002 Basel
Switzerland
OTHER DIRECTORS AND EXECUTIVE OFFICERS
Nasser Menhall..................................................... 1,276,204(7) 4.81%
E. Andrews Grinstead, III.......................................... 1,177,266(8) 4.48%
Mohamed A. El-Khereiji............................................. 904,666(9) 3.51%
Paul C. Zamecnik................................................... 555,100(10) 2.18%
Sudhir Agrawal..................................................... 476,063(11) 1.85%
James B. Wyngaarden................................................ 80,000(12) *
All directors and executive officers as a group (7 persons)........ 5,164,175(13) 18.02%
</TABLE>
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- ---------------
* Less than 1%
(1) The number of shares beneficially owned by each director and executive
officer is determined under rules promulgated by the Securities and
Exchange Commission (the "SEC"), and the information is not necessarily
indicative of beneficial ownership for any other purpose. Under such rules,
beneficial ownership includes any shares as to which the individual has
sole or shared voting power or investment power and also any shares which
the individual has the right to acquire within 60 days after October 1,
1997 through the exercise of any stock option or other right. The inclusion
herein of such shares, however, does not constitute an admission that the
named stockholder is a direct or indirect beneficial owner of such shares.
Unless otherwise indicated, each person or entity named in the table has
sole voting power and investment power (or shares such power with his or
her spouse) with respect to all shares of capital stock listed as
beneficially owned by such person or entity.
(2) Number of shares deemed outstanding includes 25,300,252 shares outstanding
as of October 1, 1997, plus any shares subject to options or warrants held
by the person or entity in question that are currently exercisable or
exercisable within 60 days following October 1, 1997.
(3) Share ownership based on Schedule 13D filed with the Commission on
September 6, 1996.
(4) Includes (a) 156,250 shares issuable upon the exercise of warrants held by
Mr. Bin Laden, and (b) 1,550,000 shares held by Nicris Limited ("Nicris").
Mr. Bin Laden, a controlling stockholder of Nicris, may be considered a
beneficial owner of the shares beneficially owned by such entity.
(5) Includes (a) 780,697 shares issuable upon the exercise of warrants held by
Mr. El-Zein, (b) 284,416 shares issuable upon the exercise of warrants held
by Pillar Limited, (c) 64,000 shares held by Pillar Investment, (d) 1,832
shares issuable upon the exercise of warrants held by Pillar Investment,
and (e) 325,000 shares issuable upon the exercise of warrants held by
Pillar S.A. Also includes 35,000 shares subject to outstanding stock
options held by Mr. El-Zein which are exercisable within the 60-day period
following October 1, 1997. Mr. El-Zein, an affiliate of Pillar Investment,
Pillar Limited and Pillar S.A., may be considered a beneficial owner of the
shares beneficially owned by such entities.
(6) Includes 551,724 shares issuable upon the exercise of a warrant.
(7) Includes (a) 565,956 shares issuable upon the exercise of warrants held by
Mr. Menhall, (b) 284,416 shares issuable upon the exercise of warrants held
by Pillar Limited, (c) 64,000 shares held by Pillar Investment, (d) 1,832
shares issuable upon the exercise of warrants held by Pillar Investment,
and (e) 325,000 shares issuable upon the exercise of warrants held by
Pillar S.A. Also includes 35,000 shares subject to outstanding stock
options held by Mr. Menhall which are exercisable within the 60-day period
following October 1, 1997. Mr. Menhall, an affiliate of Pillar Limited,
Pillar Investment, and Pillar S.A., may be considered a beneficial owner of
the shares beneficially owned by such entities.
(8) Includes 959,370 shares subject to outstanding stock options which are
exercisable within the 60-day period following October 1, 1997.
(9) Includes (a) 420,300 shares issuable upon the exercise of warrants held by
Mr. El-Khereiji and (b) 30,000 shares subject to outstanding stock options
held by Mr. El-Khereiji which are exercisable within the 60-day period
following October 1, 1997. Also includes 454,366 shares beneficially owned
by Solter Corporation. Mr. El-Khereiji, an affiliate of Solter Corporation,
may be considered a beneficial owner of the shares beneficially owned by
such entity.
(10) Includes 125,000 shares subject to outstanding stock options which are
exercisable within the 60-day period following October 1, 1997.
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(11) Includes 402,263 shares subject to outstanding stock options which are
exercisable within the 60-day period following October 1, 1997.
(12) Includes 3,000 shares held by Dr. Wyngaarden's children and 50,000 shares
subject to outstanding stock options which are exercisable within the
60-day period following October 1, 1997.
(13) Includes an aggregate of 1,728,201 shares issuable upon the exercise of
outstanding warrants exercisable within the 60-day period following October
1, 1997 and an aggregate of 1,636,633 shares issuable upon the exercise of
outstanding stock options exercisable within the 60-day period following
October 1, 1997.
APPROVAL OF AN AMENDMENT TO THE COMPANY'S
CERTIFICATE OF INCORPORATION TO EFFECT
ONE-FOR-FIVE REVERSE STOCK SPLIT
The Board of Directors has adopted a resolution declaring the advisability
of, and submitting to the stockholders for approval, a proposal to amend the
Company's Certificate of Incorporation (the "Proposed Amendment") to effect a
reverse split of the Company's Common Stock, pursuant to which each five shares
of Common Stock will be automatically converted into one share without any
action on the part of the stockholder (the "Reverse Split"). The text of the
Proposed Amendment is set forth in Exhibit A to this Proxy Statement.
Consummation of the Reverse Split will not change the number of shares of
Common Stock authorized by the Company's Certificate of Incorporation, which
will remain at 100,000,000 shares, or the par value of the Common Stock per
share. The Reverse Split will become effective as of 5:00 p.m., Boston time (the
"Effective Date"), on the date that the certificate of amendment to the
Company's Certificate of Incorporation is filed with the Secretary of State of
Delaware. If for any reason the Board of Directors deems it advisable, the
Proposed Amendment may be abandoned at any time before the Effective Date,
whether before or after the Meeting (even if such proposal has been approved by
the stockholders).
In lieu of issuing less than one whole share resulting from the Reverse
Split to holders of an odd number of shares, the Company will determine the fair
value of each outstanding share of Common Stock held on the Effective Date of
the Reverse Split (the "Fractional Share Purchase Price"). The Company currently
anticipates that the Fractional Share Purchase Price will be based on the
average daily closing bid price per share of the Common Stock as reported by the
primary trading market for the Company's Common Stock for the ten (10) trading
days immediately preceding the Effective Date. In the event the Company
determines that unusual trading activity would cause such amount to be an
inappropriate measure of the fair value of the Common Stock, the Company may
base the Fractional Share Purchase Price on the fair market value of the Common
Stock as reasonably determined in good faith by the Board of Directors of the
Company. Stockholders who hold an odd number of shares on the Effective Date
will be entitled to receive, in lieu of the less than one whole share arising as
a result of the Reverse Split, cash in the amount of the relevant portion of the
Fractional Share Purchase Price.
As soon as practical after the Effective Date, the Company will mail a
letter of transmittal to each holder of record of a stock certificate or
certificates which represent issued Common Stock outstanding on the Effective
Date. The letter of transmittal will contain instructions for the surrender of
such certificate or certificates to the Company's designated exchange agent in
exchange for certificates representing the number of whole shares of Common
Stock (plus the relevant portion of the Fractional Share Purchase Price, if any)
into which the shares of Common Stock have been converted as a result of the
Reverse Split. No cash payment will be made or new certificate issued to a
stockholder until he has surrendered his outstanding
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certificates together with the letter of transmittal to the Company's exchange
agent. See "-- Exchange of Stock Certificates."
THE BOARD OF DIRECTORS BELIEVES THE ADOPTION OF THE PROPOSED AMENDMENT IS
IN THE BEST INTERESTS OF THE COMPANY AND ITS STOCKHOLDERS AND RECOMMENDS THAT
STOCKHOLDERS VOTE "FOR" THE PROPOSED AMENDMENT.
PURPOSE OF THE REVERSE SPLIT
The Company's shares of Common Stock have been listed, and have traded, on
the Nasdaq National Market ("Nasdaq NM") since January 1996 when the Company
completed its initial public offering. On September 18, 1997, the Company
received a notice of delisting from The Nasdaq Stock Market, Inc. ("NASDAQ")
indicating that because the Company was not in compliance with the continued
listing requirements of the Nasdaq NM, the Company's Common Stock would be
delisted from the Nasdaq NM. The Company has appealed the decision with NASDAQ
and a hearing has been scheduled for Thursday, November 6, 1997. The delisting
action has been stayed pending the outcome of the appeal.
The rules of the Nasdaq NM require that as a condition of the continued
listing of a company's securities on the Nasdaq NM, a company satisfy at least
one of several alternative maintenance requirements, which generally require
that a company meet certain minimum criteria relating to its financial
condition, results of operations and trading market for its listed securities.
Under one such maintenance requirement, the minimum bid price of the Company's
shares of Common Stock must equal or exceed $5.00, among other criteria. The
closing price of the Company's Common Stock on October 9, 1997 was $1.875 per
share.
The Company believes that if the Reverse Split is approved by the
stockholders at the Meeting, and the Reverse Split is effectuated, the Company's
shares of Common Stock will have a minimum bid price in excess of $5.00 per
share, and therefore will satisfy one of the criteria of the above-mentioned
Nasdaq NM maintenance requirement. However, the Company would also need to
satisfy other criteria to continue to have the Common Stock be eligible for
continued listing and trading on the Nasdaq NM. These other criteria consist of
maintaining (i) a market capitalization of at least $50 million, (ii) a public
float of at 1.1 million shares, (iii) a market value of the public float of at
least $15 million, (iv) at least 400 shareholders (round lot holders), (v) at
least four market makers and (vi) compliance with certain corporate governance
requirements. The Company believes that it satisfies all of these other
maintenance criteria except for the market capitalization criteria. As of
October 9, 1997, the Company's market capitalization was approximately $47.4
million. The Company is currently exploring financing alternatives to permit it
to meet the market capitalization criteria even if the price per share of the
Common Stock does not increase. There can be no assurance, however, that the
Company will be successful in meeting all requisite maintenance criteria.
If the Reverse Split is not approved by the stockholders at the Meeting,
then it is highly likely that the Company's shares of Common Stock will cease to
be listed and traded on the Nasdaq NM, which could adversely affect the
liquidity of the Company's Common Stock and the ability of the Company to raise
capital. In such event, the Company intends to make application for listing on
the Nasdaq Small Cap Market. If not approved for listing on the Nasdaq Small Cap
Market, the shares of Common Stock will likely be quoted in the "pink sheets"
maintained by the National Quotation Bureau, Inc. or the NASD Electronic
Bulletin Board and the spread between the bid and ask price of the shares of
Common Stock is likely to be greater than at present and stockholders may
experience a greater degree of difficulty in engaging in trades of shares of
Common Stock.
In addition, the Board of Directors further believes that low trading
prices of the Company's Common Stock may have an adverse impact upon the
efficient operation of the trading market in the securities. In particular,
brokerage firms often charge a greater percentage commission on low-priced
shares than that which would be charged on a transaction in the same dollar
amount of securities with a higher per share price. A
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number of brokerage firms will not recommend purchases of low-priced stock to
their clients or make a market in such shares, which tendencies may adversely
affect the Company.
Stockholders should note that the effect of the Reverse Split upon the
market prices for the Company's Common Stock cannot be accurately predicted. In
particular, there is no assurance that prices for shares of the Common Stock
after the Reverse Split will be five times the prices for shares of the Common
Stock immediately prior to the Reverse Split. Furthermore, there can be no
assurance that the proposed Reverse Split will achieve the desired results which
have been outlined above, nor can there be any assurance that the Reverse Split
will not adversely impact the market price of the Common Stock or,
alternatively, that any increased price per share of the Common Stock
immediately after the proposed Reverse Split will be sustained for any prolonged
period of time. In addition, the Reverse Split may have the effect of creating
odd lots of stock for some stockholders and such odd lots may be more difficult
to sell or have higher brokerage commissions associated with the sale of such
odd lots.
EFFECT OF THE REVERSE SPLIT
As a result of the Reverse Split, the number of whole shares of Common
Stock held by stockholders of record as of the close of business on the
Effective Date will automatically, without any action required by the
stockholders, be equal to the number of shares of Common Stock held immediately
prior to the close of business on the Effective Date divided by five, plus cash
in lieu of any fractional share. The Reverse Split will not affect a
stockholder's percentage ownership interest in the Company or proportional
voting power, except for minor differences resulting from the payment of cash in
lieu of fractional shares. The rights and privileges of the holders of shares of
Common Stock will be unaffected by the Reverse Split. The par value of the
Common Stock will remain at $.001 per share following the Effective Date of the
Reverse Split, and the number of shares of Common Stock issued will be reduced.
Consequently, the aggregate par value of the issued Common Stock also will be
reduced. In addition, the number of authorized but unissued shares of Common
Stock will be increased by the Reverse Split, the issuance of which may have the
effect of diluting the earnings per share and book value per share, as well as
the stock ownership and voting rights, of outstanding Common Stock. As the
Reverse Split will increase the number of authorized but unissued shares of
Common Stock, it may be construed as having an anti-takeover effect by
permitting the issuance of shares to purchasers who might oppose a hostile
takeover bid or oppose any efforts to amend or repeal certain provisions of the
Company's Certificate of Incorporation or By-laws.
Stockholders have no right under Delaware law or under the Company's
Certificate of Incorporation or By-laws to dissent from the Reverse Split.
The Common Stock is currently registered under Section 12(g) of the
Exchange Act and as a result, the Company is subject to the periodic reporting
and other requirements of the Exchange Act. The Reverse Split will not affect
the registration of the Common Stock under the Exchange Act, and the Company has
no current intention of terminating its registration under the Exchange Act.
Upon consummation of the Reverse Split, the total number of shares
currently reserved for grants of stock options and all stock options previously
granted would be decreased proportionately. The cash consideration payable per
share upon exercise of the stock options would be increased proportionately.
EXCHANGE OF STOCK CERTIFICATES
As soon as practicable after the Effective Date, the Company intends to
require stockholders to exchange their stock certificates ("Old Certificates")
for new certificates ("New Certificates") representing the number of whole
shares of Common Stock into which their shares of Common Stock have been
converted as a result of the Reverse Split (as well as cash in lieu of
fractional shares resulting from the reverse split). Stockholders
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will be furnished with the necessary materials and instructions for the
surrender and exchange of stock certificates at the appropriate time by the
Company's transfer agent. Stockholders will not be required to pay a transfer or
other fee in connection with the exchange of certificates. STOCKHOLDERS SHOULD
NOT SUBMIT ANY CERTIFICATES TO THE TRANSFER AGENT UNTIL REQUESTED TO DO SO.
FEDERAL INCOME TAX CONSEQUENCES OF THE REVERSE SPLIT
The following description of the material federal income tax consequences
of the Reverse Split is based upon the Internal Revenue Code of 1986, as
amended, the applicable Treasury Regulations promulgated thereunder, judicial
authority and current administrative rulings and practices all as in effect on
the date of this Proxy Statement. The Company has not sought and will not seek
an opinion of counsel or a ruling from the Internal Revenue Service regarding
the federal income tax consequences of the Reverse Split. This discussion is for
general information only and does not discuss consequences which may apply to
special classes of taxpayers (e.g., non-resident aliens, broker-dealers or
insurance companies) and does not discuss the tax consequences under the laws of
any foreign, state or local jurisdictions. Stockholders are urged to consult
their own tax advisors to determine the particular consequences to them.
In general, the federal income tax consequences of the proposed Reverse
Split will vary among stockholders depending upon whether they receive the
Fractional Share Purchase Price or solely New Certificates in exchange for Old
Certificates. The Company believes that because the Reverse Split is not part of
a plan to increase periodically a stockholder's proportionate interest in the
Company's assets or earnings and profits, the Reverse Split probably will have
the following federal income tax effects:
1. A stockholder who receives solely New Certificates will not
recognize gain or loss on the exchange. In the aggregate, the stockholder's
basis in the Common Stock represented by New Certificates will equal the
holder's basis in the Common Stock represented by Old Certificates.
2. A stockholder who receives a portion of the Fractional Share
Purchase Price as a result of the Reverse Split will generally be treated
as having received the payment as a distribution in redemption of the
Fractional Share, as provided in Section 302(a) of the Internal Revenue
Code of 1986, as amended (the "Code"). Each affected stockholder will be
required to consult such stockholder's own tax advisor for the tax effect
of such redemption (i.e., exchange or dividend treatment) in light of such
stockholder's particular facts and circumstances.
3. The Reverse Split will constitute a reorganization within the
meaning of Section 368(a)(1)(E) of the Code, and the Company will not
recognize any gain or loss as a result of the Reverse Split.
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GENERAL
OTHER MATTERS
The Board of Directors knows of no other business which will be presented
for consideration at the Meeting other than that described above. However, if
any other business should come before the Meeting, it is the intention of the
persons named in the enclosed Proxy to vote, or otherwise act, in accordance
with their best judgment on such matters.
STOCKHOLDER PROPOSALS FOR 1998 ANNUAL MEETING
Any proposal that a stockholder intends to present at the 1998 Annual
Meeting of Stockholders must be submitted to the Secretary of the Company at its
principal executive offices, 620 Memorial Drive, Cambridge, Massachusetts 02139,
no later than December 19, 1997 in order to be considered for inclusion in the
proxy statement relating to that meeting.
COSTS OF SOLICITATION
The Company will bear the costs of soliciting proxies. In addition to
solicitations by mail, the Company's directors, officers and regular employees
may, without additional remuneration, solicit proxies by telephone, facsimile
and personal interviews. The Company will also request brokerage houses,
custodians, nominees and fiduciaries to forward copies of the proxy material to
those persons for whom they hold shares and request instructions for voting the
Proxies. The Company will reimburse such brokerage houses and other persons for
their reasonable expenses in connection with this distribution.
By Order of the Board of Directors,
E. ANDREWS GRINSTEAD, III,
Chairman of the Board,
President and Chief Executive
Officer
October 30, 1997
THE BOARD OF DIRECTORS HOPES THAT STOCKHOLDERS WILL ATTEND THE MEETING.
WHETHER OR NOT YOU PLAN TO ATTEND, YOU ARE URGED TO COMPLETE, SIGN, DATE, AND
RETURN THE ENCLOSED PROXY CARD IN THE ACCOMPANYING ENVELOPE. PROMPT RESPONSE
WILL GREATLY FACILITATE ARRANGEMENTS FOR THE MEETING AND YOUR COOPERATION IS
APPRECIATED.
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EXHIBIT A
RESOLVED: That, subject to stockholder approval, the following paragraph be
inserted prior to the first paragraph of Article FOURTH of the
Certificate of Incorporation:
"That upon the filing date of the Certificate of Amendment of
Restated Certificate of Incorporation of the Corporation (the
"Effective Date"), a one-for-five reverse split of the Corporation's
Common Stock (as defined below) shall become effective, such that
each five shares of Common Stock outstanding and held of record by
each stockholder of the Corporation (including treasury shares)
immediately prior to the Effective Date shall represent one share of
Common Stock from and after the Effective Date."
A-1
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HYBRIDON, INC.
PROXY FOR THE SPECIAL MEETING OF STOCKHOLDERS
TO BE HELD NOVEMBER 18, 1997
THIS PROXY IS SOLICITED ON BEHALF OF
THE BOARD OF DIRECTORS OF THE COMPANY
AND SHOULD BE RETURNED AS SOON AS POSSIBLE
The undersigned, having received notice of the Special Meeting of
Stockholders and the Board of Directors' proxy statement therefor, and revoking
all prior proxies, hereby appoint(s) E. Andrews Grinstead, III, Douglas J.
Jensen and David E. Redlick, and each of them, attorneys or attorney of the
undersigned (with full power of substitution in them and each of them) for and
in the name(s) of the undersigned to attend the Special Meeting of Stockholders
of HYBRIDON, INC. (the "Company") to be held on Tuesday, November 18, 1997 at
10:00 a.m. at the offices of the Company, 620 Memorial Drive, Cambridge,
Massachusetts 02139, and any adjournments thereof, and there to vote and act
upon the following matters in respect of all shares of stock of the Company
which the undersigned may be entitled to vote or act upon, with all the powers
the undersigned would possess if personally present.
In their discretion, the proxy holders are authorized to vote upon such
other matters as may properly come before the meeting or any adjournments
thereof. The shares represented by this proxy will be voted as directed by the
undersigned. If no direction is given with respect to any election to office or
proposal, this proxy will be voted as recommended by the Board of Directors.
Attendance of the undersigned at the meeting or at any adjournment thereof will
not be deemed to revoke this proxy unless the undersigned shall revoke this
proxy in writing.
WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, YOU ARE URGED TO COMPLETE,
DATE, SIGN AND RETURN THIS PROXY IN THE ACCOMPANYING ENVELOPE.
A VOTE "FOR" THE AMENDMENT TO THE COMPANY'S CERTIFICATE OF INCORPORATION IS
RECOMMENDED BY THE BOARD OF DIRECTORS.
IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER
BUSINESS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING AND ANY ADJOURNMENT
THEREOF.
THIS PROXY, WHEN PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY
THE UNDERSIGNED STOCKHOLDER(S). IF NO OTHER INDICATION IS MADE, THE PROXIES
SHALL VOTE "FOR" THE AMENDMENT TO THE COMPANY'S CERTIFICATE OF INCORPORATION.
<PAGE> 13
1. To approve the amendment to the Company's Certificate of Incorporation to
effect a one-for-five reverse split of the Common Stock.
[ ] FOR [ ] AGAINST [ ] ABSTAIN
Please mark your votes
as indicated in this example [X]
MARK HERE MARK HERE IF
FOR ADDRESS [ ] YOU PLAN TO [ ]
CHANGE AND ATTEND THE
NOTE AT LEFT MEETING
Dated: ______________________, 1997
-----------------------------------
Signature
-----------------------------------
Signature if held jointly
NOTE: PLEASE SIGN EXACTLY AS NAME
APPEARS HEREON. WHEN SHARES ARE HELD BY
JOINT OWNERS, BOTH SHOULD SIGN. WHEN
SIGNING AS ATTORNEY, EXECUTOR,
ADMINISTRATOR, TRUSTEE OR GUARDIAN,
PLEASE GIVE FULL TITLE AS SUCH. IF A
CORPORATION, PLEASE SIGN IN FULL
CORPORATE NAME BY AUTHORIZED OFFICER,
GIVING FULL TITLE. IF A PARTNERSHIP,
PLEASE SIGN IN PARTNERSHIP NAME BY
AUTHORIZED PERSON, GIVING FULL TITLE.
