Premarket Indicating Higher Open For This Biotech

By: Tomas Ronolski - AllPennyStocks.com News

Monday, June 27, 2022

A certain biotech company that is no stranger to coverage by our team has turned heads yet again on Monday morning after the company announced that its Board of Directors has received a preliminary non-binding proposal letter dated June 24, 2022 from Morningside Venture (I) Investments Ltd. for itself and on behalf of its affiliates and J. Wood Capital Advisors LLC to acquire all outstanding ordinary shares of the Company not already beneficially owned by Morningside, including Shares represented by American Depositary Shares of the Company, in a going-private transaction for US$0.026 in cash per Share and US$0.313 in cash per ADS, according to the release. This sent shares of Stealth BioTherapeutics Corp (Nasdaq:MITO) higher during Monday’s premarket.

Stealth BioTherapeutics Corp is a clinical-stage biotechnology company. It is focused on the discovery, development, and commercialization of novel therapies for diseases involving mitochondrial dysfunction.

As previously mentioned, this announcement sent traders on a buying frenzy for shares of this micro cap, causing shares to be bid up at $0.291/share (+4.30% implied open for sellers) at the time of writing.

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