Pasithea Therapeutics Special Committee Rejects Unsolicited Bid from Lucy Scientific Discovery, Inc.
July 20 2023 - 8:40AM
Pasithea Therapeutics Corp. (NASDAQ: KTTA) (“Pasithea” or the
“Company”), a biotechnology company focused on the discovery,
research, and development of innovative treatments for central
nervous system (CNS) disorders, today confirmed that an independent
special committee (“Special Committee”) of its Board of Directors
(“Board”) thoroughly reviewed and rejected an unsolicited,
non-binding proposal from Lucy Scientific Discovery, Inc. (NASDAQ:
LSDI) (“Lucy”) to acquire all outstanding shares of Pasithea common
stock for per share consideration consisting of $0.60 in cash plus
$0.25 worth of Lucy common stock.
After a comprehensive review,
conducted in consultation with its independent financial and
legal advisors, the Special Committee determined that the Lucy
proposal does not reflect Pasithea’s strategic value and prospects
for continued growth and, as such, is not in the best interests of
the Company or its stockholders.
About Pasithea Therapeutics
Corp.
Pasithea Therapeutics is a biotechnology company
primarily focused on the discovery, research and development of
innovative treatments for central nervous system (CNS) disorders
and RASopathies. With an experienced team of experts in the fields
of neuroscience, translational medicine, and drug development,
Pasithea is developing new molecular entities for the treatment of
neurological disorders, including Neurofibromatosis type 1 (NF1),
Amyotrophic Lateral Sclerosis (ALS) and Multiple Sclerosis
(MS).
Forward Looking Statements
This press release contains statements that
constitute “forward-looking statements” made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include all statements,
other than statements of historical fact, regarding the Company’s
current views and assumptions with respect to future events
regarding its business, as well as other statements with respect to
the Company’s plans, assumptions, expectations, beliefs and
objectives with respect to product development, clinical studies,
clinical and regulatory timelines, market opportunity, competitive
position, business strategies, potential growth opportunities and
other statements that are predictive in nature. Forward-looking
statements are subject to numerous conditions, many of which are
beyond the control of the Company. While the Company believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to the Company on the date of this
release. These forward-looking statements are based upon current
estimates and assumptions and are subject to various risks and
uncertainties, including factors set forth in the Company’s most
recent Form 10-K, Form 10-Q and other factors set forth in the
Company’s most recent Annual Report on Form 10-K, Quarterly Report
on Form 10-Q and other filings made with the U.S. Securities and
Exchange Commission (SEC). Thus, actual results could be materially
different. The Company undertakes no obligation to update these
statements whether as a result of new information, future events or
otherwise, after the date of this release, except as required by
law.
ContactPatrick GaynesCorporate
Communicationspgaynes@pasithea.com
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