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PharmaCyte Biotech Announces Cash Tender Offer for up to 7,750,000 Shares at $3.25 Per Share
Concurrently, the Company Announces $35 Million Financing of Convertible Preferred Stock at $4.00 per Share LAS VEGAS--(BUSINESS WIRE)-- PharmaCyte Biotech,
About this update from Pharmacyte Biotech, Inc.
[{"type":"text","content":"\nConcurrently, the Company Announces $35 Million Financing of Convertible Preferred Stock at $4.00 per Share\n\n\n LAS VEGAS--(BUSINESS WIRE)--\nPharmaCyte Biotech, Inc. (Nasdaq: PMCB) (“PharmaCyte” or the “Company”) today announces a cash tender offer for up to 7,750,000 shares at $3.25 per share, less any applicable withholding taxes and without interest. The Company also announces that it has completed a private placement financing of convertible redeemable preferred stock and warrants from existing investors, raising gross proceeds of approximately $35 million in a private placement financing of convertible redeemable preferred stock and warrants from existing investors.\n\n\nTender Offer\n\n\nThe Company intends to commence the tender offer today, May 11, 2023. The tender offer is scheduled to expire at 11:59 p.m., New York City time, on June 9, 2023, unless extended or earlier terminated (the “expiration date”). The purchase of common stock in connection with the tender offer will be funded entirely through the Company’s cash on hand.\n\n\nStockholders must validly tender and not validly withdraw their common stock before the expiration date to be eligible to participate in the tender offer. Tendered shares of common stock may only be withdrawn on or before the expiration date.\n\n\nThe tender offer will be subject to various terms and conditions as will be described in the Offer to Purchase. The Depositary for the tender offer will be American Stock Transfer & Trust Company, LLC, and the Information Agent for the tender offer will be D.F. King & Co., Inc.\n\n\nNone of the Company or its Board of Directors, the Information Agent for the tender offer, or the Depositary for the tender offer will make any recommendation to shareholders as to whether to tender or refrain from tendering their shares in the tender offer. Shareholders must make their own decision as to how many shares they will tender, if any. Shareholders should consult their financial and tax advisors in making this decision.\n\n\nPharmaCyte’s CEO Josh Silverman commented, “We continue to evaluate our current assets, which are intended to address a highly unmet medical need in pancreatic cancer. However, given that we are unable at this time to provide shareholders with a definitive timeframe on when we expect to have completed that evaluation or to predict wh...