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Arovella Therapeutics Says CEO, Three Directors Resign Following Shareholder Removal Notice, Shares Fall 8%

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-- Arovella Therapeutics (ASX:ALA) said it has received a notice from a requisitioning shareholder to remove Michael Baker and Mike Perry as directors, following which Baker has resigned as chief executive officer with three months' notice, according to a Monday Australian bourse filing.

The company said that three other board members have also resigned as directors with immediate effect.

Following the changes, the board comprises three total directors, among whom, David Williams has been appointed chairman. While the board is undertaking a comprehensive review of the company's technology platform, development strategy, and growth opportunities, the filing added.

The company's shares fell 8% in recent Monday trade.

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