On February 8, 2021 Cellular Biomedicine Group, Inc. (NASDAQ: CBMG) ("CBMG" or the "Company") reported that, at the Company’s special meeting of stockholders held today, its stockholders approved the proposal to adopt the previously announced Agreement and Plan of Merger, dated as of August 11, 2020 (the "Merger Agreement"), by and among CBMG, CBMG Holdings ("Parent") and CBMG Merger Sub Inc., a wholly-owned subsidiary of Parent ("Merger Sub") (Press release, Cellular Biomedicine Group, FEB 8, 2021, View Source [SID1234574733]). The Merger Agreement provides for the merger of Merger Sub with and into CBMG (the "Merger"), with CBMG surviving the Merger as a wholly-owned subsidiary of Parent. Upon the closing of the Merger, CBMG’s stockholders will receive $19.75 per share in cash for each share of CBMG common stock they own.

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At the special meeting, more than 99% of votes cast were voted in favor of adopting the Merger Agreement. Shares voting in favor of adopting the Merger Agreement also included a majority of the outstanding shares of CBMG common stock entitled to vote at the special meeting and owned by CBMG’s stockholders other than members of the buyer consortium and their respective affiliates. CBMG’s stockholders also voted in favor of the proposal to approve, on an advisory (non-binding) basis, certain compensation that may be paid or become payable to CBMG’s named executive officers in connection with the Merger. The final voting results for all proposals will be filed with the Securities and Exchange Commission in a Current Report on Form 8-K.

The Merger is expected to be completed in February 2021, subject to satisfaction or waiver of the remaining closing conditions. Shares of CBMG common stock will be delisted from NASDAQ upon completion of the Merger.