HOPKINTON, Mass., Nov. 06, 2020 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc. (Nasdaq: SBPH) (“Spring Bank”), a clinical-stage biopharmaceutical company developing novel therapeutics for oncology and inflammatory diseases, today announced that its board of directors intends, subject to the receipt of stockholder approval of the Exchange (as defined below) and the reverse stock split, to declare a one-time special dividend on each outstanding share of Spring Bank’s common stock, payable on a post-reverse stock split basis following the reverse stock split, in the form of contractual rights to receive, (x) one contingent value right (“STING Agonist CVR”) entitling the holder of each such post-split share of common stock to receive, in connection with certain potential future transactions involving Spring Bank’s proprietary STimulator of INterferon Genes (STING) agonist compound designated as SB 11285 occurring on or prior to the STING Agonist CVR Expiration Date (as defined below) that result in certain payments as described below and (y) one contingent value right (“STING Antagonist CVR” and, together with the STING Agonist CVR, the “CVRs”) entitling the holder of each such post-split share of common stock to receive, in connection with the execution of a potential development agreement and certain other transactions involving Spring Bank’s proprietary STING antagonist compound occurring on or prior to the STING Antagonist CVR Expiration Date (as defined below) certain payments as described below.

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Spring Bank Pharmaceuticals Announces Special Dividend of Contingent Value Rights