Nov 9, 8:00 AM ET
CDT Equity: Former CEO's letter proposes $2.00 per share takeover bid, 96.3% premium
Former CEO Dr. Andrew Regan, writing on behalf of Corvus Capital Limited, told the Board in a November 5, 2026 letter that Corvus intends to make a non-binding proposal to acquire all outstanding common stock at $2.00 per share, a 96.3% premium on a post-split basis to the November 4, 2026 closing price, absent a Board proposal. The Board intends to form a special committee of independent directors with full authority over the proposal, but the committee has received no definitive terms and has made no decision, and there is no assurance any transaction will result.
- Letter dated November 5, 2026, from Dr. Andrew Regan, former CEO, as a significant stockholder, on behalf of Corvus Capital Limited
- Proposed price of $2.00 per share, a 96.3% premium to the November 4, 2026 closing price, on a post-split basis
- Board intends to form a special committee of independent directors with full authority to consider and vote on the proposal
- No definitive terms received and no decision made; the company does not commit to provide updates