CHEK - Check-Cap jumps after Symetryx $4.35/share takeover offer

2023-07-18 13:47:28 ET

• Check-Cap Ltd. ( NASDAQ: CHEK ) rose 15% after Symetryx announced a non-binding proposal to acquire the company for $4.35 a share in cash.
• Symetryx's non-binding offer is contingent upon due diligence, obtaining satisfactory financing arrangements, and entering a satisfactory purchase and sale agreement, and the "immediate" engagement of the Check-Cap board of directors, according to a statement. The offer represents a 45% premium to Check-Cap's closing price on Monday.
• Symetryx said it owns less than 5% of CHEK, though believe it's the largest shareholder of Check-Cap as of the date of the letter.
• Last month, Check-Cap ( CHEK )  announced the company is exploring strategic alternatives, including the sale of all or part of the company, licensing, merger, or reverse merger. The company also approved a reduction in its workforce by approximately 90 percent.

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