Unlocking Opportunities: Pasithea Therapeutics Corp. Empowers Stockholders with Successful Tender Offer
PALO ALTO, Calif. and MIAMI, Sept. 14, 2023 (GLOBE NEWSWIRE) — Pasithea Therapeutics Corp. (NASDAQ: KTTA) (“Pasithea” or the “Company”), a pioneering biotechnology firm on a mission to reshape the landscape of central nervous system (CNS) disorder treatments, has unveiled the triumphant results of its recently concluded tender offer. This offer, which expired at 5:00 p.m. on September 8, 2023, marked a significant moment in Pasithea’s journey as it sought to acquire up to 5,714,285 shares of its common stock.
The verdict is in, and it’s a resounding success. A total of 5,323,451 shares of common stock were willingly tendered and have now found a new home within Pasithea. What’s particularly remarkable is that there has been no need for proration; every validly tendered share has been embraced with open arms.
Dr. Tiago Reis Marques, the visionary CEO of Pasithea, offered insights into this achievement, highlighting the vote of confidence from stockholders in the Company’s future endeavors. “This stock buyback not only provided liquidity to those seeking an exit but also presented an opportunity for remaining stockholders to bolster their ownership stake in Pasithea, all at a premium to the market price,” Dr. Marques noted.
He went on to emphasize the delicate balance between executing repurchases and maintaining the necessary cash reserves to fuel Pasithea’s ambitious business plan and forthcoming value-generating milestones. These milestones include the advancement of their cutting-edge macrocyclic MEK inhibitor into clinical trials and the selection of the lead Alpha 5 Beta 1 drug candidate for ALS treatment.
As the dust settles after the tender offer, Pasithea proudly boasts 20,819,956 outstanding shares of common stock. Broadridge Corporate Issuer Solutions, LLC, acting as the depositary, will expedite the payment process for the shares accepted in this transformative offer, delivering on Pasithea’s commitment to its dedicated stockholders.
About Pasithea Therapeutics Corp.
Pasithea stands as a trailblazing biotechnology powerhouse, driven by an unwavering commitment to unravel the enigmas of central nervous system (CNS) disorders and RASopathies. Nestled within its vibrant walls is a squad of brilliant minds, each a virtuoso in neuroscience, translational medicine, and the alchemical art of drug development.
With unwavering resolve, Pasithea is sculpting a new era of molecular breakthroughs, poised to rewrite the narratives of neurological ailments. Their canvas spans the spectrum of disorders, including the formidable Neurofibromatosis type 1 (NF1), the relentless Amyotrophic Lateral Sclerosis (ALS), and the elusive Multiple Sclerosis (MS).
Prepare to embark on a journey into the realm of Pasithea, where innovation knows no bounds, and the future of CNS disorder treatments is being meticulously crafted.
Forward Looking Statements
Within this announcement lie prophecies of change, framed as ‘forward-looking statements,’ in accordance with the Private Securities Litigation Reform Act of 1995. These visions of tomorrow encompass everything, save for historical anecdotes, painting a vivid tapestry of Pasithea’s aspirations and assumptions regarding its future. Here, the Company bares its soul, sharing insights into its plans, expectations, and dreams.
This tale includes musings on the recent tender offer’s outcomes, the Company’s triumphs and strategies, and its unwavering pursuit of excellence in product development and clinical studies. But as with all journeys, this path is not without its perils. Pasithea, humble in its wisdom, acknowledges that external forces may influence its destiny, beyond its control.
While these forward-looking statements are bathed in the light of reason, Pasithea urges caution, reminding us that reliance on such visions must be tempered with prudence. They are, after all, founded on information available as of the date of this revelation.
As we continue to unravel the narrative of Pasithea, we do so in the knowledge that the journey ahead is veiled in uncertainty, subject to the ever-shifting sands of time and circumstance. Nevertheless, Pasithea remains resolute, promising to update us on this odyssey, should new insights or future events emerge, as dictated by the law of the land.