SYMETRYX CORPORATION ACQUIRES 20% STOCK IN NEUBASE

Rhea-AI Summary

Symetryx Corporation has acquired 20% of the common stock in Neubase Therapeutics and is urging the Board to issue a special $1 per share dividend. Symetryx believes that Neubase's cash position makes it an attractive merger candidate and that a dividend would not make the company less attractive. Symetryx is also open to exploring other options such as a merger, acquisition, or winding down of the company.

Positive

• Symetryx Corporation has acquired 20% of Neubase Therapeutics' stock and is urging the Board to issue a $1 per share dividend. Neubase's cash position makes it an attractive merger candidate.

Negative

• None.

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.

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SOURCE Symetryx Corp

FAQ

What percentage of Neubase Therapeutics' stock did Symetryx Corporation acquire?

Symetryx Corporation has acquired 20% of the issued and outstanding common stock in Neubase Therapeutics.

What is Symetryx urging the Board to do?

Symetryx is urging the Board to issue a special $1 per share dividend.

What other options is Symetryx open to exploring?

Symetryx is open to exploring other options such as a merger, acquisition, or winding down of the company.