Corcept Therapeutics Announces Waiver of Condition to its Tender Offer for Common Shares
Corcept Therapeutics (NASDAQ: CORT) announced a Tender Offer to purchase up to 10,000,000 shares of its common stock, with a price ranging between $20.75 and $23.75 per share, closing on December 15, 2021. The Board of Directors deemed it advisable to proceed with the offer, despite stock price fluctuations, and opted not to terminate the offer. The Tender Offer's terms remain unchanged except for the waived price condition. No recommendations were made regarding shareholder participation.
- Tender Offer for 10,000,000 shares may enhance shareholder value.
- Decision to proceed with the offer shows confidence despite price fluctuations.
- Share price fluctuations may indicate volatility and potential investor concerns.
- No recommendations provided by the Board may lead to uncertainty among shareholders.
MENLO PARK, Calif., Dec. 15, 2021 (GLOBE NEWSWIRE) -- Corcept Therapeutics Incorporated (NASDAQ: CORT) (“Corcept”), a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of cortisol, today announced an update to its offer to purchase up to 10,000,000 shares of its common stock at a price not greater than
- Corcept’s Board of Directors has determined that it is advisable to proceed with the Tender Offer despite the recent fluctuations in the price of Corcept’s stock and has therefore declined to exercise Corcept’s option, as set forth in the offer to purchase, to terminate the Tender Offer due to changes in the company’s stock price.
The Tender Offer is subject to other terms and conditions, which are described in detail in the offer to purchase. Except for the waiver of the share price condition set forth above, the terms and conditions of the Tender Offer remain the same.
None of Corcept, the members of its Board of Directors, the dealer manager, the financial advisor, the information agent or the depositary for the Tender Offer makes any recommendation as to whether or not any stockholder should participate in the Tender Offer or as to the purchase price or purchase prices at which stockholders may choose to tender their shares.
The sole dealer manager for the Tender Offer is Truist Securities, Inc. D.F. King is serving as the information agent for the Tender Offer and Continental Stock Transfer & Trust Company is serving as the depositary. Canaccord Genuity LLC is serving as a financial advisor. For all questions relating to the Tender Offer, please contact the information agent, D.F. King & Co., Inc. at cort@dfking.com or call toll-free at 1 (800) 431-9646, or call the dealer manager, Truist Securities, Inc. at 1 (404) 926-5832.
About Corcept Therapeutics
Corcept is a commercial-stage company engaged in the discovery and development of drugs to treat severe metabolic, oncologic and psychiatric disorders by modulating the effects of the hormone cortisol. Korlym® was the first drug approved by the U.S. Food and Drug Administration for patients with Cushing’s syndrome. Corcept has discovered a large portfolio of proprietary compounds that selectively modulate the effects of cortisol. The company owns extensive United States and foreign intellectual property covering the composition of its selective cortisol modulators and the use of cortisol modulators to treat a variety of serious disorders.
CONTACT:
Corcept Therapeutics
Investor Relations
ir@corcept.com
www.corcept.com
FAQ
What is the Tender Offer announced by Corcept Therapeutics on December 15, 2021?
Why did Corcept Therapeutics proceed with the Tender Offer despite stock price fluctuations?
What are the terms of the Tender Offer for CORT shares?
Who is managing the Tender Offer for Corcept Therapeutics?
What date did the Tender Offer for Corcept's shares close?
