URGES BOARD TO CONSIDER A $1 DIVIDEND
TORONTO, Sept. 6,
2023 /PRNewswire/ - Today, Symetryx Corporation
("Symetryx") announced that it has acquired 20% of the issued and
outstanding common stock in Neubase Therapeutics Inc. (NASDAQ:
NBSE) ("Neubase"). Symetryx is now urging the Board to issue a
special $1 per share dividend.
Symetryx has bought these shares on the open market and intends
to engage with the management of Neubase to chart the best path
forward for shareholders. Neubase, as disclosed in its previous
news releases, is currently undergoing a strategic review of the
company's operations.
Symetryx notes that for the quarter ended June 30, 2023, Neubase reported approximate cash
balance of $14.7 million.
Symetryx is of the view that the cash position of the company makes
Neubase a very attractive merger candidate, and it does not believe
that a $1 per share dividend would
make the company any less attractive. The shareholder base of the
company invested in Neubase for the exciting work they were doing,
not in a shell looking for a target. With the strategic review
underway, we believe both rewarding shareholders with a dividend,
and looking for a merger candidate is a true win-win for
shareholders.
Symetryx notes that the Company has met with Symetryx and is
receptive to ongoing discussions. Symetryx is encouraged by the
actions the Company has taken. Symetryx is of the view that many
companies exhaust their cash balances in similar strategic
alternative reviews and it would like to work closely with Neubase
to ensure that assets of the company are utilized judiciously to
maximize shareholder value. We believe all options should be
available for the board to consider, whether that be a merger,
acquisition, special dividend to shareholders, or a winding down of
the company and return of capital to shareholders.
As the largest shareholder of Neubase, we would like to
contribute to this review process and ensure that shareholder money
and value is preserved. We believe that Symetryx is in a position
where we can help create substantial value for Neubase
shareholders.
SPECIAL NOTE REGARDING THIS LETTER:
THIS NEWS RELEASE CONTAINS OUR CURRENT VIEWS ON THE VALUE OF
SECURITIES OF NEUBASE THERAPEUTICS INC. AND CERTAIN ACTIONS THAT
THE BOARD OF DIRECTORS OF NEUBASE MIGHT TAKE TO ENHANCE THE VALUE
OF ITS SECURITIES. OUR VIEWS ARE BASED ON OUR OWN ANALYSES OF
PUBLICLY AVAILABLE INFORMATION AND ASSUMPTIONS WE BELIEVE TO BE
REASONABLE. THERE CAN BE NO ASSURANCE THAT THE INFORMATION WE
CONSIDERED AND ANALYZED IS ACCURATE OR COMPLETE. SIMILARLY, THERE
CAN BE NO ASSURANCE THAT OUR ASSUMPTIONS ARE CORRECT. THE ACTUAL
PERFORMANCE AND RESULTS OF NEUBASE MAY DIFFER MATERIALLY FROM OUR
ASSUMPTIONS AND ANALYSES.
THIS RELEASE ALSO REFERENCES THE SIZE OF SYMETRYX'S CURRENT
HOLDINGS OF NEUBASE SHARES. SYMETRYX'S VIEWS AND OUR HOLDINGS COULD
CHANGE AT ANY TIME. WE MAY TAKE ANY OF THESE OR OTHER ACTIONS
REGARDING NEUBASE WITHOUT UPDATING THIS LETTER OR PROVIDING ANY
NOTICE WHATSOEVER OF ANY SUCH CHANGES (EXCEPT AS OTHERWISE REQUIRED
BY LAW). WE MAY SELL SOME OR ALL OF OUR NEUBASE SHARES AT ANY TIME
WITHOUT NOTICE.
FORWARD-LOOKING STATEMENTS:
Certain statements contained in this letter are forward-looking
statements including, but not limited to, statements that are
predictions of or indicate future events, trends, plans or
objectives. Undue reliance should not be placed on such statements
because, by their nature, they are subject to known and unknown
risks and uncertainties. Due to such risks and uncertainties,
actual events or results or actual performance may differ
materially from those reflected or contemplated in such
forward-looking statements. Forward-looking statements can be
identified by the use of the future tense or other forward-looking
words such as "believe," "might, "expect," "anticipate," "intend,"
"plan," "estimate," "should," "could," "may," "will," "objective,"
"projection," "forecast," "continue," "strategy," "position" or the
negative of those terms or other variations of them or by any
comparable terminology.
Important factors that could cause actual results to differ
materially from the expectations set forth in this letter include,
among other things, the factors identified in the public filings of
Neubase and other information generally available in the market.
Such forward-looking statements should therefore be construed
considering such factors, and Symetryx is under no obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
View original
content:https://www.prnewswire.com/news-releases/symetryx-corporation-acquires-20-stock-in-neubase-301919317.html
SOURCE Symetryx Corp