Symetryx Corp, a Canadian semiconductor technology developer, has put forward a non-binding proposal to acquire Israeli medical diagnostics company Check-Cap LTD for $4.35 per share in cash. Check-Cap reported cash and cash equivalents of $37.4 million in its quarterly report for the period ended March 31, 2023, which amounts to approximately $6.39 per share in cash based on a fully diluted share count of 5.8 million.
zHowever, the closing price on July 17, 2023, was only $3.00 per share, resulting in a market capitalisation of approximately $17.54 million. The non-binding proposal by Symetryx is contingent on several conditions, including immediate engagement by the Check board of directors, satisfactory due diligence, financing arrangements, a purchase and sale agreement, regulatory approvals, and approval from Check shareholders.