Pasithea Therapeutics Snubs Takeover Bid, OKs $4M Share Buyback Plan
- July 20th, 2023
- 323 views
Pasithea Therapeutics Corp. (Nasdaq: KTTA) has authorized a $4.0 million share repurchase plan (through a tender offer), to buy approximately 5.7 million shares of its outstanding common stock at $0.70 per share.
The company's executive officers and directors won't tender any shares in the offer. If oversubscribed, the repurchase will be done on a pro rata basis.
In addition, Pasithea confirmed the rejection of an unsolicited proposal from Lucy Scientific Discovery, Inc. (Nasdaq: LSDI) to acquire all outstanding shares of Pasithea common stock for $0.60 in cash plus $0.25 worth of Lucy common stock.
Following a comprehensive review with independent advisors, Pasithea's Special Committee deemed the proposal inadequate, stating it doesn't reflect the company's strategic value and growth prospects.
$KTTA was trading at $0.58 in pre-market, up $0.11 (+22.21%) after the announcements.
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