Post by icemandios on Nov 9, 2022 14:04:31 GMT
PolarityTE Confirms Receipt of Unsolicited, Non-Binding Offer to Acquire the Company
PR Newswire
SALT LAKE CITY , Nov. 9, 2022 /PRNewswire/ -- PolarityTE, Inc. (Nasdaq: PTE) , a biotechnology company developing regenerative tissue products and biomaterials, today confirmed that on November 1, 2022 , it received an unsolicited, non-binding offer (followed by an amended offer on November 8, 2022 ) from Michael Brauser to acquire all of the outstanding common stock of the Company not owned by him for $1.25 per share in cash. The offer is subject to various contingencies, including, among others, (1) settlement with warrant holders and satisfactory negotiations with insiders with change of control agreements, (2) minimum tender conditions, (3) a sixty-day due diligence period, and (4) satisfaction of other conditions and requirements that may arise, which are commonplace in transactions of this nature.
The Board of Directors of the Company and a special committee formed by the Board of Directors will carefully review the terms and conditions of the offer to determine the course of action that it believes is in the best interest of the Company and all Company securityholders. If the Board of Directors determines to proceed with the offer, there can be no assurance that all required contingencies will be satisfied and that a transaction will result.
PR Newswire
SALT LAKE CITY , Nov. 9, 2022 /PRNewswire/ -- PolarityTE, Inc. (Nasdaq: PTE) , a biotechnology company developing regenerative tissue products and biomaterials, today confirmed that on November 1, 2022 , it received an unsolicited, non-binding offer (followed by an amended offer on November 8, 2022 ) from Michael Brauser to acquire all of the outstanding common stock of the Company not owned by him for $1.25 per share in cash. The offer is subject to various contingencies, including, among others, (1) settlement with warrant holders and satisfactory negotiations with insiders with change of control agreements, (2) minimum tender conditions, (3) a sixty-day due diligence period, and (4) satisfaction of other conditions and requirements that may arise, which are commonplace in transactions of this nature.
The Board of Directors of the Company and a special committee formed by the Board of Directors will carefully review the terms and conditions of the offer to determine the course of action that it believes is in the best interest of the Company and all Company securityholders. If the Board of Directors determines to proceed with the offer, there can be no assurance that all required contingencies will be satisfied and that a transaction will result.
