Arcturus Therapeutics Ltd. founder and former CEO Joseph Payne said an Israeli court sanctioned an extraordinary general meeting of the company's shareholders.

Summons for the sanctioned meeting will be sent out before May 20, with shareholders to convene within 35 days thereafter, or between June 18 and June 24.

Payne, who owns about 13.7% of the San Diego-based biotechnology company, previously scheduled a May 7 shareholder meeting with the agenda of replacing Arcturus' board with Peter Farrell, Andrew Sassine, James Barlow and Magda Marquet. The current directors postponed the vote indefinitely.

An Israeli court recently blocked the directors' attempt to sell 24.9% of Arcturus' share capital, which Payne said was an attempt to dilute shareholders' holding before the postponed May 7 meeting.

Kingsdale Advisors is acting as the strategic shareholder and communications adviser to Payne.