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Sesen Bio, Inc.

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Msg  220 of 232  at  1/30/2023 10:09:35 AM  by

minxmrphd


Damage control

Noting a few things in todays PR .
 
The company is using this news like a carrot leading a horse basically saying ' if you don't vote for the merger we're going under '
 
snip :
 
'As noted previously, a court-managed dissolution and liquidation would be time consuming and expensive and would ultimately provide less value to Sesen Bio stockholders. Only approximately 60%-90%(1) of Sesen Bio's cash balance, or approximately $0.40-$0.60 per share(2), and potentially less, would be available for an initial distribution, which may not be available for six months or more after an additional stockholder vote. The full liquidation and dissolution process could take up to three years in the Delaware court system to fully settle Sesen Bio's potential future and unknown liabilities.'
Well, the above is comforting news isn't it ? The vote is in March and if the merger is approved , how many months before all the legal docs are filed and shareholders get a settlement ? I'm thinking 5-6 months.
 
Last paragraph snip :
 
'At the hearing, the Company will present its plan to evidence compliance with all applicable Nasdaq listing criteria. To that end, in connection with the proposed merger transaction with Carisma, the Company is seeking approval to implement a reverse stock split at its Special Meeting of Stockholders on March 2, 2023.'
 
Okay, first time I've read about a reverse split .... although wrapping into another company indicated a 'portion' of shares . I should have figured that out.  
 
 
 


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