Biotech firm Polarityte surges as it confirms receipt of $1.25/share acquisition bid

Nov. 09, 2022 8:17 AM ETPolarityTE, Inc. (PTE)By: Preeti Singh, SA News Editor

Financial stock market graph. Selective focus.

Diego Thomazini

  • Polarityte (NASDAQ:PTE) shares surged 51% Wednesday morning after the biotechnology company confirmed receipt of an unsolicited, non-binding offer from Michael Brauser to acquire all of the outstanding common stock of the company not owned by him for $1.25/share in cash.
  • The board of directors and a special committee formed by the board will carefully review the terms and conditions of the offer to determine the course of action.
  • There can be no assurance that all required contingencies will be satisfied and that a transaction will result.

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