I use the word, “approximately” because the exchange ratio depends on how much cash SURF has when the merger closes. At a $1.00 valuation, the buyout price is a 35% premium to yesterday’s close, but a >90% discount to SURF’s price in early 2021. The nominal deal value (excluding the CVRs and SURF’s cash on hand) is $40M.
SURF was once considered a shining star and a rival of TRIL, which was acquired by PFE for $2.3B in 2021 (#msg-165570289).
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”
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