PolarityTE jumps on all-cash buyout offer

RegenETP,

09/11/2022 14:14

** Shares of biotechnology company PolarityTE Inc  PTE.O 
jump 25% to 94 cents
    ** PTE among the most-traded stocks in premarket trade
across exchanges
    ** Co discloses unsolicited, non-binding offer from
shareholder Michael Brauser to acquire outstanding stocks 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
    ** PolarityTE Inc received offer on Nov. 1, with amended on
Nov. 8
    ** PTE has lost nearly 95% of its value YTD, compared with
the 32% fall in the Nasdaq index  .IXIC  
    ** So far, over 2 mln shares have changed hands, over 26
times the 25-day moving average trade volume
 (Reporting by Ankika Biswas in Bengaluru)
 ((Ankika.Biswas@thomsonreuters.com))