PolarityTE gains on signing Letter of Intent for all-cash buyout offer

RegenETP,

27/12/2022 15:18

** Shares of tissue-based treatment developer PolarityTE Inc
 PTE.O  rise ~14% at $0.89
    ** PTE says that it signed a non-binding letter of intent
(LOI) with its shareholder Micheal Brauser for acquisition of
the company 
    ** The proposed offering price is $1.03/per share, to be
paid entirely in cash, which is a ~32% premium to PTE's last
close of 78 cents
    ** Co in early November disclosed Brauser's offer to acquire
the co's shares not owned by him for $1.25 per share in cash 
    ** Brauser in 2020 sent a letter to PolarityTE shareholders
to investigate mismanagement or improper conduct by co's board
and officers
    ** Including session's gain, PTE has lost nearly 93.9% of
its value YTD 
 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))