Stealth BioTherapeutics Enters Going Private Agreement

8/1/22 12:25:27 PM ET

Biotechnology: Pharmaceutical Preparations

Health Care

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Stealth BioTherapeutics Corp (NASDAQ:MITO) will be acquired by a consortium of investors led by Morningside Venture (I) Investments Ltd and J. Wood Capital Advisors LLC in an all-cash transaction.
Each Stealth Bio will be canceled and cease to exist for the right to receive $0.03125 in cash. Each American Depositary Share representing 12 shares will be canceled for the right to receive $0.375.
Related: Stealth Bio Shares Trading Higher On Pre-Clinical Presentation Of Neuromuscular Disease Candidate.
The merger consideration represents a premium of 34.4% to the closing price on June 24, the last trading day before the company announced its receipt of the original "going-private" proposal.
The merger is expected to close during the second half of 2022.
Price Action: MITO shares are up 19.6% at $0.29 during the market session on the last check Monday.

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