☐ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zynerba Pharmaceuticals Inc | NASDAQ:ZYNE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.30 | 1.30 | 1.24 | 0 | 01:00:00 |
☐ | Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer. |
(a) | discounting to present value as of October 1, 2023 at 18% (reflecting MTS Securities’ analysis of the Company’s weighted average cost of capital) based upon the weighted average cost of capital calculated for the publicly traded comparable companies in the second set of comparable companies identified below under the section titled “—Summary of MTS Securities Financial Analysis – Public Trading Comparable Companies Analysis” and using the mid-year convention. MTS Securities took into account certain financial metrics, including betas, for the selected comparable companies based on MTS Securities’ professional judgment in estimating the weighted average cost of capital: |
(i) | the forecasted risk-adjusted, after-tax unlevered free cash flows of the Company over the period beginning on January 1, 2023 and ending on December 31, 2038, in Cases 1 through 9, utilized by MTS Securities at the direction of Zynerba management and approved by the Zynerba Board for use by MTS Securities as set forth in the section titled “—Certain Financial Projections”. MTS Securities applied a partial year adjustment factor of 0.25 to the 2023 fiscal year to remove negative cash flows that occurred before October 1, 2023; and |
(ii) | tax savings from usage of federal and state net operating losses and future losses as set forth in the |
(b) | and adding to the foregoing results Zynerba’s estimated net cash of approximately $27 million as of October 1, 2023, plus the cash from an assumed capital raise (the “Capital Raise”), as set forth in the Company Projections and described in the section titled “ – Certain Financial Projections”. In Cases 1 through 6, MTS Securities, at the direction of Zynerba management and as approved by the Zynerba Board, assumed a $10 million Capital Raise issued at $0.46 per unit. It was assumed that each unit would consist of one share and one warrant and priced at Zynerba’s closing share price on August 9, 2023, plus $0.125, per Nasdaq rules. In Cases 7 through 9, MTS Securities, at the direction of Zynerba management and as approved by the Zynerba Board, assumed a $17 million Capital Raise issued at $0.46 per unit. In this scenario, it was assumed that each unit would consist of one share and two warrants and priced at Zynerba’s closing share price on August 9, 2023, plus $0.125 per warrant, per Nasdaq rules. |
| | Zynerba Pharmaceuticals, Inc. | ||||
| | | | |||
| | By: | | | /s/ Armando Anido | |
| | Name: | | | Armando Anido | |
| | Title: | | | Chairman and Chief Executive Officer |
1 Year Zynerba Pharmaceuticals Chart |
1 Month Zynerba Pharmaceuticals Chart |
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