Stealth BioTherapeutics To Be Taken Private In All-cash Deal
(RTTNews) - Biotechnology company Stealth BioTherapeutics Corp (MITO) announced Monday that it has entered into a definitive Agreement and Plan of Merger with Stealth Parent Limited,, and Stealth Merger Sub Limited, a wholly-owned subsidiary of Parent, to be acquired by a consortium of investors led by Morningside Venture (I) Investments Ltd. and J. Wood Capital Advisors LLC in an all-cash transaction.
Pursuant to the terms of the Merger Agreement, and subject to the terms and conditions thereof, Merger Sub will merge with and into the Company, with the Company being the surviving company and becoming a wholly-owned subsidiary of Parent.
Under the agreement, each ordinary share of the Company will be cancelled and cease to exist, in exchange for the right to receive $0.03125 in cash without interest, and each outstanding American Depositary Share of the Company will be cancelled in exchange for the right to receive $0.375 in cash without interest.
The Per ADS Merger Consideration represents a premium of 34.4% to the closing price of the Company's ADSs on June 24, 2022, the last trading day prior to the Company's announcement of its receipt of the original "going-private" proposal.
The Consortium intends to fund the Merger through cash contributions from members of the Consortium.
The Merger, which is currently expected to close during the second half of 2022, is subject to customary closing conditions.
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