MITO - Stealth BioTherapeutics shares pop ~20% premarket after co agrees to go private

• Stealth BioTherapeutics ( NASDAQ: MITO ) on Monday said it had agreed to go private by being acquired by Morningside Venture (I) Investments, over a month after the clinical-stage biotech received the investment firm's preliminary proposal.
• MITO stock jumped 19.9% to $0.29 in premarket trading on the announcement.
• As per the terms of the deal , a consortium of investors led by Morningside for itself and on behalf of its affiliates and J. Wood Capital Advisors LLC will buy MITO for $0.03125 per share and $0.375 per ADS in an all-cash transaction.
• The per ADS consideration represents a 56.3% premium to Stealth's ( MITO ) last closing price of $0.24, and a 33.9% premium to the company's closing price of $0.28 on June 24, which was the last trading day before MITO said it had got the preliminary proposal .
• The Morningside led consortium intends to fund the merger through cash contributions from its members.
• MITO said its board had approved the deal and that the merger was expected to close during H2 this year.

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