PolarityTE Announces Termination of Shareholder Rights Plan
PolarityTE, Inc. (Nasdaq: PTE) has announced the termination of its shareholder rights plan, effective September 28, 2020. This decision follows input from stockholders and aligns with the company's strategic objectives. The rights plan, commonly referred to as a 'poison pill,' is no longer in effect, and shareholders are not required to take any action regarding this change. PolarityTE aims to innovate in regenerative medicine, focusing on using patients' own tissues to create regenerative products, promoting effective healing processes.
- Termination of the shareholder rights plan may enhance shareholder confidence.
- Company continues to focus on innovative regenerative medicine solutions.
- None.
SALT LAKE CITY--(BUSINESS WIRE)--PolarityTE, Inc. (Nasdaq: PTE) today announced that the Board of Directors voted to terminate the Company’s shareholder rights plan after receiving stockholder input and evaluating that input in the context of Company objectives. The termination of the shareholder rights plan, often referred to as a “poison pill,” is effective September 28, 2020. Shareholders are not required, nor do they need, to take any action because of the termination of this shareholder rights plan.
About PolarityTE®
PolarityTE is focused on transforming the lives of patients by discovering, designing, and developing a range of regenerative tissue products and biomaterials for the fields of medicine, biomedical engineering and material sciences. Rather than manufacturing with synthetic and foreign materials within artificially engineered environments, PolarityTE manufactures products from the patient's own tissue and uses the patient's own body to support the regenerative process. From a small piece of healthy autologous tissue, the company creates an easily deployable, dynamic, and self-propagating product designed to regenerate the target tissues. PolarityTE's innovative methods are intended to promote and accelerate growth of the patient's tissues to undergo a form of effective regenerative healing. Learn more at www.PolarityTE.com – Welcome to the Shift®.
Forward Looking Statements
Certain statements contained in this release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. They are generally identified by words such as "believes," "may," "expects," "anticipates," "intend," "plan," "will," "would," "should" and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company's beliefs and assumptions as of the date of this release. The Company's actual results could differ materially due to the impact of the COVID-19 pandemic and FDA regulatory matters, which cannot be predicted, and the risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law. Our actual results could differ materially due to risk factors and other items described in more detail in the "Risk Factors" section of the Company's Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov).
POLARITYTE, the POLARITYTE logo, SKINTE, WHERE SELF REGENERATES SELF and WELCOME TO THE SHIFT are trademarks or registered trademarks of PolarityTE, Inc.
