Schedule 14A


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i
Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

DESCRIPTION OF TOKAI COMMON STOCK

 

 

25

 

 

 

Common Stock

 

 

25

 

 

 

Preferred Stock

 

 

26

 

 

 

Stock Options

 

 

26

 

 

 

Provisions of Tokai’s Certificate of Incorporation and By-laws and Delaware Law That May Have Anti-Takeover Effects

 

 

26

 

 

 

NASDAQ Global Market Listing

 

 

28

 

 

 

MARKET PRICE AND DIVIDEND INFORMATION

 

 

29

 

 

 

Market Price of Tokai Common Stock

 

 

29

 

 

 

Dividends

 

 

29

 

 

 

RISK FACTORS

 

 

30

 

 

 

Risks Related to the Otic Transaction

 

 

30

 

 

 

Risks Related to the Otic Business

 

 

35

 

 

 

Risks Related to the Combined Company

 

 

55

 

 

 

Risks Related to the Proposed Reverse Stock Split

 

 

63

 

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

 

 

65

 

 

 

INFORMATION ABOUT THE SPECIAL MEETING

 

 

66

 

 

 

General

 

 

66

 

 

 

Date, Time and Place

 

 

66

 

 

 

Purposes of the Tokai Special Meeting

 

 

66

 

 

 

Recommendation of the Tokai Board of Directors

 

 

66

 

 

 

Stockholders Entitled to Vote; Record Date

 

 

67

 

 

 

Quorum and Broker Non-Votes

 

 

67

 

 

 

Required Vote

 

 

67

 

 

 

Voting by Stockholders

 

 

68

 

 

 

Revocation of Proxies

 

 

69

 

 

 

Voting by Tokai’s Directors, Executive Officers and Certain Stockholders

 

 

69

 

 

 

Solicitation of Proxies

 

 

70

 

 

 

Independent Registered Public Accounting Firm

 

 

70

 

 

 

No Appraisal Rights

 

 

70

 

 

 

Householding

 

 

70

 

 

 

Tabulation of Votes

 

 

70

 

 

 

Adjournments and Postponements

 

 

70

 

 

 

Attending the Special Meeting

 

 

71

 

 

 

THE OTIC TRANSACTION

 

 

72

 

 

 

The Transaction Structure

 

 

72

 

 

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Table of Contents

 

 

 

 

 

Page

 

 

 

 

 

Consideration

 

 

72

 

 

 

Effect of the Otic Transaction on Otic Share Options, Otic Warrants and Tokai Stock Options

 

 

73

 

 

 

Expected Timing of the Otic Transaction

 

 

73

 

 

 

Background of the Otic Transaction

 

 

73

 

 

 

Recommendation of the Tokai Board of Directors

 

 

85

 

 

 

Reasons for the Otic Transaction

 

 

86

 

 

 

Interests of Tokai’s Directors and Executive Officers

 

 

88

 

 

 

Opinion of Tokai’s Financial Advisor

 

 

91

 

 

 

Material U.S. Federal Income Tax Consequences of the Transaction to Tokai Stockholders

 

 

100

 

 

 

Regulatory Approvals

 

 

100

 

 

 

Anticipated Accounting Treatment

 

 

100

 

 

 

No Appraisal Rights

 

 

101

 

 

 

TERMS OF THE SHARE PURCHASE AGREEMENT

 

 

102

 

 

 

Explanatory Note Regarding the Share Purchase Agreement

 

 

102

 

 

 

The Otic Transaction Structure

 

 

102

 

 

 

Consideration

 

 

103

 

 

 

Exchange Ratio

 

 

103

 

 

 

Effect of the Otic Transaction on Otic Share Options, Otic Warrants and Tokai Stock Options

 

 

103

 

 

 

Directors and Officers of Tokai Following the Otic Transaction

 

 

104

 

 

 

Conditions to the Consummation of the Otic Transaction

 

 

105

 

 

 

Representations and Warranties

 

 

106

 

 

 

No Solicitation; Third Party Competing Proposal

 

 

106

 

 

 

Changes to Board Recommendation

 

 

108

 

 

 

Meeting of Tokai Stockholders

 

 

109

 

 

 

Covenants; Conduct of the Businesses

 

 

109

 

 

 

Indemnification and Insurance

 

 

113

 

 

 

Other Agreements

 

 

115

 

 

 

Lock-up Agreements

 

 

115

 

 

 

Termination of the Share Purchase Agreement

 

 

115

 

 

 

Termination Fee and Expenses

 

 

117

 

 

 

Regulatory Approvals

 

 

118

 

 

 

Amendments and Waivers

 

 

118

 

 

 

Specific Performance

 

 

119

 

 

 

Third Party Beneficiaries

 

 

119

 
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