White Rock Capital Supports WaterMill's Case for Change at Ziopharm Oncology
DALLAS, Nov. 19, 2020 /PRNewswire/ -- White Rock Capital Partners, L.P. ("White Rock Capital"), along with all of its related entities, will vote 100% of its approximately 6.1 million common shares (which excludes 3.8 million warrants) of Ziopharm Oncology, Inc. (NASDAQ: ZIOP) ("Ziopharm" or the "Company") in support of WaterMill Asset Management Corp.'s proposal for a reconstituted Board of Directors.
White Rock Capital issued the following statement to fellow Ziopharm shareholders:
"We believe WaterMill's proposed independent director candidates – Robert Postma, Jaime Vieser and Holger Weis – have the necessary institutional knowledge and industry expertise to improve shareholder value and ultimately reverse the Board's ongoing shareholder destruction tactics including its lack of transparency, poor business choices and awful corporate governance practices. As a significant shareholder of Ziopharm, we believe we deserve an independent Board that will look out for our investment and ultimately unlock shareholder value.
White Rock Capital has been an investor in Ziopharm since 2011. Because of our lengthy involvement and detailed knowledge of the prior Ziopharm and Intrexon relationship, the managers of White Rock Capital are some of the most knowledgeable investors in Ziopharm. During this period, the Company has consistently missed every major milestone announced to the public market. This has resulted in a complete lack of credibility in the financial markets and a collapse of its stock price, resulting in significant losses to its shareholders. Rather than presenting a point by point analysis, we believe it is best to have Ziopharm management (under the guidance of the Board) speak in its own words. The PDF labeled, "Management Quotes from Ziopharm Conference Calls," includes excerpts from Ziopharm's conference calls and SEC filings dating back to 2017. Shareholders that are familiar with Ziopharm will be able to put conference call comments versus actual results into proper perspective.
For reasons unbeknownst to White Rock Capital, the Company has actively fought to keep shareholders off the Board, but now shareholders have the opportunity to vote for WaterMill's independent director candidates. Simply put, the science and business of Ziopharm needs to be placed under the direction of a new Board that has both a financial stake in the Company and previous successes in biotech."
Thomas U. Barton
White Rock Capital Partners, L.P.
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SOURCE White Rock Capital Partners, L.P.