TYME - TYME stock surges on merger agreement and Syros Pharmaceuticals

• Development stage biotech firms Syros Pharmaceuticals ( SYRS ) and Tyme Technologies ( NASDAQ: TYME ) announced on Tuesday that the companies entered into a definitive merger agreement following which Syros ( SYRS ) will acquire Tyme ( TYME ).
• Tyme ( TYME ) has added ~23% in the pre-market so far while Syros ( SYRS ) is trading ~6% higher.
• Per the terms, Syros ( SYRS ) will issue ~74.3M shares of its common stock to TYME investors and TYME stockholders are entitled to nearly 0.4312 shares of Syros ( SYRS ) common stock for each TYME stock they hold.
• The deal is worth about $60M net of wind-down and transaction expenses. Following the merger, the combined entity will be led by Syros’ existing management team and trade on Nasdaq under the ticker symbol “SYRS.”
• Separately, Syros ( SYRS ) disclosed an oversubscribed $130M financing of private investment in public equity (PIPE) to purchase a total of up to 138.1M additional shares of common stock at $0.94 apiece.
• In addition, Syros ( SYRS ) also announced an amendment to its senior secured loan facility with Oxford Finance LLC. The terms include one year extension to the interest-only payment period and maturity dates subject to conditions revising them to March 1, 2024, and February 1, 2026, respectively.
• The transactions are expected to close in H2 2022.

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