Business
Pasithea Therapeutics Special Committee Rejects Unsolicited Bid from Lucy Scientific Discovery, Inc.
Proposal Does Not Adequately Reflect Pasithea’s Strategic Value and Prospects for Continued Growth PALO ALTO, Calif. and MIAMI, July 20, 2023 (GLOBE NEWSWIRE)
About this update from Pasithea Therapeutics Corp.
[{"type":"text","content":"Proposal Does Not Adequately Reflect Pasithea’s Strategic Value and Prospects for Continued Growth\nPALO ALTO, Calif. and MIAMI, July 20, 2023 (GLOBE NEWSWIRE) -- Pasithea Therapeutics Corp. (NASDAQ: KTTA) (“Pasithea” or the “Company”), a biotechnology company focused on the discovery, research, and development of innovative treatments for central nervous system (CNS) disorders, today confirmed that an independent special committee (“Special Committee”) of its Board of Directors (“Board”) thoroughly reviewed and rejected an unsolicited, non-binding proposal from Lucy Scientific Discovery, Inc. (NASDAQ: LSDI) (“Lucy”) to acquire all outstanding shares of Pasithea common stock for per share consideration consisting of $0.60 in cash plus $0.25 worth of Lucy common stock. After a comprehensive review, conducted in consultation with its independent financial and legal advisors, the Special Committee determined that the Lucy proposal does not reflect Pasithea’s strategic value and prospects for continued growth and, as such, is not in the best interests of the Company or its stockholders. About Pasithea Therapeutics Corp. Pasithea Therapeutics is a biotechnology company primarily focused on the discovery, research and development of innovative treatments for central nervous system (CNS) disorders and RASopathies. With an experienced team of experts in the fields of neuroscience, translational medicine, and drug development, Pasithea is developing new molecular entities for the treatment of neurological disorders, including Neurofibromatosis type 1 (NF1), Amyotrophic Lateral Sclerosis (ALS) and Multiple Sclerosis (MS). Forward Looking Statements This press release contains statements that constitute “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include all statements, other than statements of historical fact, regarding the Company’s current views and assumptions with respect to future events regarding its business, as well as other statements with respect to the Company’s plans, assumptions, expectations, beliefs and objectives with respect to product development, clinical studies, clinical and regulatory timelines, market opportunity, competitive position, business strategies, potential growth opportunities and other st...