Pasithea Therapeutics shares are trading higher after the company rejected an unsolicited, non-binding acquisition proposal from Lucy Scientific Discovery; the company also authorized the repurchase of up to 5.7 million shares at $0.70/share.
Portfolio Pulse from Benzinga Newsdesk
Pasithea Therapeutics has rejected an unsolicited, non-binding acquisition proposal from Lucy Scientific Discovery. The company has also authorized the repurchase of up to 5.7 million shares at $0.70/share.
July 20, 2023 | 12:50 pm
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Pasithea Therapeutics' rejection of an acquisition proposal and authorization of share repurchase could potentially increase the company's stock value.
The rejection of the acquisition proposal indicates that Pasithea Therapeutics sees more value in remaining independent. The share repurchase program could increase the stock's value by reducing the number of shares in circulation, thereby increasing earnings per share.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100