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.
Forward Looking Statements
Certain statements contained in this release are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. They are generally
identified by words such as "believes," "may," "expects,"
"anticipates," "intend," "plan," "will," "would," "should" and
similar expressions. Such forward-looking statements include, but
are not limited to, statements related to the unsolicited,
non-binding offer received by the Company. Readers should not place
undue reliance on such forward-looking statements.
Forward-looking statements are based on management's current
expectations and are subject to risks and uncertainties, many of
which are beyond our control that may cause actual results or
events to differ materially from those projected. These risks and
uncertainties include the risk factors and other items described in
more detail in the "Risk Factors" section of the Company's Annual
Reports and other filings with the SEC (copies of which may be
obtained at www.sec.gov). Subsequent events and developments
may cause these forward-looking statements to change. The
Company specifically disclaims any obligation or intention to
update or revise these forward-looking statements as a result of
changed events or circumstances that occur after the date of this
release, except as required by applicable law.
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES
SELF and WELCOME TO THE SHIFT are registered trademarks of
PolarityTE, Inc.
CONTACTS
Investors:
PolarityTE Investor Relations
ir@PolarityTE.com
385-831-5284
Media:
David Schull or
Ignacio Guerrero-Ros
David.schull@russopartnersllc.com
Ignacio.guerrero-ros@russopartnersllc.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/polarityte-confirms-receipt-of-unsolicited-non-binding-offer-to-acquire-the-company-301672355.html
SOURCE PolarityTE, Inc.