Rapid Micro Biosystems falls on rejecting take-private offer

Rapid Micro Biosystems

12/08/2022 14:58

** Shares of Rapid Micro Biosystems  RPID.O  down 3.5% to
$4.09 in morning trade 
    ** Life sciences tech firm rejects $5 per share in cash
take-private offer from private credit manager Kennedy Lewis
Management  urn:newsml:reuters.com:*:nGNX6N3RMb
    ** Co says it is reviewing strategic alternatives, adopts a
limited duration stockholder rights plan which will trigger if a
person or group buys 15% of outstanding stock
    ** Separately, RPID implements a 20% reduction in its
workforce, expects to incur $1.5 mln in restructuring charges in
Q3  urn:newsml:reuters.com:*:nGNX6N3RMb
    ** RPID says restructuring plan to result in about $8 mln -
$9 mln in annualized cost savings by Q1 2023
    ** Up to last close, stock down 60.2% YTD

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))