Lowest price ever.
ASTC 7.86 – 17%
As of September 26, 2023, 1,682,286 shares = MKTCAP: 13.2M
AUSTIN, Texas, Sept. 28, 2023 (GLOBE NEWSWIRE)
Financial Highlights & Fiscal Year Developments
• Astrotech’s consolidated balance sheet remains strong with $42.1 million in cash and cash equivalents and liquid investments which is anticipated to support our research and development, organic growth, and potential acquisition targets.
• Gross margin increased to 41% for the year compared to 22% in the prior period, due to a higher proportion of recurring revenue.
The Board believes that BML’s aim is to realize a short-term gain at the expense of the Company’s other stockholders. The Board believes that BML’s strategy of potentially liquidating the Company, as stated in BML’s Schedule 13D, would result in unfair profits to BML at the expense of all other stockholders because the offer price of $17.25 per share is significantly less than the per share value of the Company’s cash and short-term equivalents. Consistent with its history involving other public companies, the Board believes BML is targeting Astrotech for liquidation because the market value of Astrotech’s common stock is less than the book value of its cash and short-term investments. If BML were to acquire the Company at $17.25 per share (excluding shares directly held by BML), BML would expend an aggregate $25 million for the remaining 87% of Company shares that it does not own, and BML would then own 100% of a Company with a value of $26.17 per share, based solely on the book value of the cash and short-term investments as of March 31, 2023. If BML were then to liquidate the Company shortly thereafter, BML would realize a gain on all of its shares that would represent a significant premium over what all other stockholders would receive based on the Proposal, to the sole benefit of BML.
