MITO - Stealth Bio gains after non-binding buyout offer

The clinical-stage biotech Stealth BioTherapeutics (NASDAQ:MITO) announced Monday that the company received a preliminary non-binding proposal to buy its shares for cash in a going-private transaction. Morningside Venture (I) Investments Ltd issued the proposal letter dated June 24, 2022, on behalf of its affiliates and J. Wood Capital Advisors LLC, to buy the all outstanding ordinary shares, not already owned by Morningside, for $0.026 per share and US$0.313 per ADS, the company said. A special committee appointed by Stealth Bio (MITO) now expects to obtain the services of a financial advisor to evaluate the proposal or any other alternative transactions. The company has not yet taken a final decision on the buyout offer or any other transaction it intends to pursue. Stealth Bio (MITO) added over 20% in the pre-market Monday after the company shares resumed for transactions following a brief trading halt. The proposed offer comes weeks after Stealth Bio (MITO) announced

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Stealth Bio gains after non-binding buyout offer