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Chembio Diagnostics, Inc. (CEMI) delivers rapid diagnostic solutions through its proprietary DPP technology, serving healthcare providers and public health organizations worldwide. This dedicated news hub provides investors and industry professionals with essential updates on financial developments, product innovations, and strategic partnerships.
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Chembio Diagnostics announced a letter to stockholders urging them to tender their shares in the proposed merger with Biosynex. The tender offer, which pays $0.45 per share, expires on April 26, 2023. Approximately 48.3% of outstanding shares had been tendered by April 12, 2023. The company states that if a majority of shares are not tendered, the merger will be terminated. Chembio's management strongly supports the merger and recommends immediate action from stockholders to tender their shares. They emphasize that those who hold shares through brokers should act promptly to meet processing deadlines. The press release outlines contacts for commonly used brokers and the importance of the merger for stockholder interests.
Biosynex SA has extended the expiration date for its tender offer to acquire all outstanding shares of Chembio Diagnostics, Inc. (CEMI) at a price of $0.45 per share. The new deadline is set for April 26, 2023, previously scheduled for April 12, 2023. By the prior deadline, approximately 17,738,529 shares, equating to around 48.3% of shares outstanding, were tendered. The completion of this offer remains contingent on specific conditions outlined in the Tender Offer Statement filed with the SEC. This acquisition is part of Biosynex's strategy to enhance its position in the diagnostic market.
Chembio Diagnostics, Inc. (CEMI) announced a pending tender offer from Biosynex SA, following a merger agreement dated January 31, 2023. The offer price is set at $0.45 per share in cash, with a deadline extended to April 12, 2023. Chembio emphasizes the significant risks if shareholders do not tender their shares, including potential financial covenant breaches and the possibility of bankruptcy. The company has received notice of non-compliance with Nasdaq's minimum bid price requirement, which could lead to delisting. For the merger to proceed, over 50% of shares must be tendered. Chembio's leadership strongly supports the merger and urges stockholders to act before the deadline.
Chembio Diagnostics, Inc. (Nasdaq: CEMI) issued a notice urging stockholders to tender their shares before 6:00 PM, NYC time, on April 12, 2023, as part of a pending merger with Biosynex SA. This offer, initially set at $0.45 per share, requires over 50% of outstanding shares to be validly tendered for completion. Failure to meet this threshold poses significant risks, including potential bankruptcy, delisting from Nasdaq, and ongoing liquidity issues. The letter highlights the urgent need for stockholder participation in the tender process to ensure the merger proceeds successfully.
Biosynex has extended the expiration date for its tender offer to acquire Chembio Diagnostics (CEMI) until April 12, 2023, offering $0.45 per share. Previously set to conclude on March 28, 2023, the tender offer has seen around 14.1 million shares (38.5% of outstanding shares) tendered by that date. All other terms of the offer remain unchanged. The completion of the acquisition is contingent upon fulfilling additional conditions as outlined in the SEC filings. Stockholders who have already participated in the tender do not need to take further action.
Chembio Diagnostics (Nasdaq: CEMI) announced a tender offer from Biosynex SA for all outstanding shares at $0.45 per share, set to expire on March 28, 2023. The tender offer is crucial, as a failure to secure a majority of shares may jeopardize the merger and leave Chembio vulnerable to significant risks. These risks include potential Nasdaq delisting, breaches of financial covenants, and ongoing liquidity challenges. Stockholders are urged to act quickly to tender their shares to facilitate the merger, ensuring their investment's future.
On March 15, 2023, Chembio Diagnostics, Inc. (CEMI) updated stockholders regarding a tender offer by Biosynex SA. Under an Agreement dated January 31, 2023, Biosynex initiated an offer to purchase Chembio's shares at $0.45 each. Initially set to expire on March 14, 2023, the offer has been extended to March 28, 2023. Chembio’s management warns of operational and financial challenges, including a looming credit agreement maturity on September 4, 2023, difficulties in securing financing, and potential Nasdaq delisting due to non-compliance with minimum bid price requirements. The Board recommends stockholders tender their shares.
Biosynex SA has extended the expiration of its tender offer for all common shares of Chembio Diagnostics, Inc. (CEMI), raising the deadline to March 28, 2023. The offer price remains at $0.45 per share. As of the previous deadline, approximately 12,664,710 shares (34.5% of outstanding shares) had been tendered. Stockholders who previously tendered do not need to act again. Completion of the tender offer is subject to conditions outlined in the SEC filings made on February 14, 2023. Interested parties are advised to read the relevant tender offer materials for more information.
